Explore BrainMass

Closing Journal Entries

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Prepare the necessary closing entries based on the following selected accounts:

Accumulated Depreciation $10,000
Depreciation Expense 7,000
Owner's Capital 20,000
Owner's Drawings 12,000
Salaries and Wages Expense 18,000
Service Revenue 31,000

© BrainMass Inc. brainmass.com October 25, 2018, 5:43 am ad1c9bdddf

Solution Summary

This solution illustrates how to make the closing journal entries for a sole proprietorship.

See Also This Related BrainMass Solution

Closing Journal Entries

What are the four closing journal entries? Why are they necessary?

View Full Posting Details