Explore BrainMass

Closing Journal Entries

This content was COPIED 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 March 21, 2019, 10:47 pm ad1c9bdddf

Solution Summary

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