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Closing entries

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Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. All accounts have normal balances.)

J. Mark, Capital 30,000
J. Mark, Withdrawals 6,000
Fees earned 20,000
Salaries expense 7,000
Insurance expense 350
Utilities expense 75
Supplies expense 500
Supplies 400
Salaries payable 300
Depreciation expense 425

Prepare all the necessary closing entries for this company.

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Solution Summary

The solution explains how to prepare the closing entries for a company.

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Closing entries close the temporary accounts. We use a special account income summary for the closing entries and then transfer the balance in the income summary to the ...

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