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ACC 205 Week 2 E4-21 - Klein Photography ACC 205 Week 2 E4-21 - Klein Photography


ACC 205 Week 2 E4-21 - Klein Photography 

E4-21 Identifying and journalizing closing entries [10-15 min]

E4-21  The accountant for Klein Photography has posted adjusting entries (a)–(e) to the following selected accounts at December 31, 2012.

Requirements
1.         Journalize Klein Photography's closing entries at December 31, 2012.
2.         Determine Klein Photography's ending Klein, capital balance at December 31, 2012.
 
SOLUTION PREVIEW
Req. 1. 

Closing Entries:
POST. DATE  ACCOUNTS AND EXPLANATIONS REF.            DEBIT            CREDIT
2012 Dec. 31    Service Revenue                                            110,000
                                    Income Summary                                                        110,000

                    31 Income Summary                                               35,500
                                    Supplies expenses                                                       2,400



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