- Financial Accounting & Bookkeeping
- The Closing Process
Closing Journal Entries
This content was STOLEN from BrainMass.com - View the original, and get the solution, here!
Prepare the necessary closing entries based on the following selected accounts:
Accumulated Depreciation $10,000
© BrainMass Inc. brainmass.com September 26, 2018, 8:35 am ad1c9bdddf - https://brainmass.com/business/the-closing-process/closing-journal-entries-431299
Depreciation Expense 7,000
Owner's Capital 20,000
Owner's Drawings 12,000
Salaries and Wages Expense 18,000
Service Revenue 31,000
This solution illustrates how to make the closing journal entries for a sole proprietorship.