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After all, adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs:Accounts Payable $27.600Accounts Receivable 64,500Accumulated Depreciation 73,325Cash 17,150Depreciation Expense 13,500Equipment 165,000Insurance Expense 2,510Prepaid Insurance 6,275Rent Expense $32,700Salary Expense 41,390Salaries Payable 8,150Service Revenue 186,000Supplies 1,500Supplies Expense 2,500Common Stock 79,950Dividends 48,000Retained Earnings 20,000Journalize the entries to close the appropriate accounts for the month

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Answer:

Dr Service Revenue 186,000

Cr Income Summary 186,000

Dr Income Summary $92,600

Cr Rent Expense 32,700

Cr Salary Expense 41,390

Cr Depreciation Expense 13,500

Cr Supplies Expense 2,500

Cr Insurance Expense 2,510

Dr Income Summary $93,400

Cr Ramona Cross, Capital $93,400

Dr Ramona Cross, Capital 48,000

Cr Ramona Cross, Drawing 48,000

Explanation:

Preparation of the journal entries to close the appropriate accounts for the month

Dr Service Revenue 186,000

Cr Income Summary 186,000

(Being to close off revenue account)

Dr Income Summary $92,600

(32,700+41,390+13,500+2,500+2,510)

Cr Rent Expense 32,700

Cr Salary Expense 41,390

Cr Depreciation Expense 13,500

Cr Supplies Expense 2,500

Cr Insurance Expense 2,510

(Being to close off expense accounts)

Dr Income Summary $93,400

(186,000-$92,600)

Cr Ramona Cross, Capital $93,400

(Being to close off Income Summary account)

Dr Ramona Cross, Capital 48,000

Cr Ramona Cross, Drawing 48,000

(Being to close off drawing account)

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