Closing Entries: Expenses
Below is a list of accounts with corresponding ending balances.
Account: Account Balance
a.Insurance Expense: $1,300
b.Cash: 750
c.Accounts Receivable: 4,000
d.Cost of Goods Sold: 2,300
Prepare one summary entry to close those accounts that should be closed at the end of the year.

Posted Date: 2/18/2014 3:28:21 AM | Location : United States

Ask an Expert

Related Discussions:- Closing entries, Assignment Help, Ask Question on Closing entries, Get Answer, Expert's Help, Closing entries Discussions

Write discussion on Closing entries
Your posts are moderated

Write your message here..

Related Questions

Fakari had the following asset at the ending of the year, Fakari had the fo... Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000

Agreements to settle property-bankruptcy and liquidation, Agreements to set... Agreements to settle property The trustee is not bound by such an agreement if it remains executory. If property has already been settled, the trustee can recover it unless it

Condition of joint return, Surviving Spouse - This is a person whose wife o... Surviving Spouse - This is a person whose wife or husband died during tax year. A surviving spouse can file a JOINT RETURN for the year in which death occurred. Additionally a join

Ledger, “Ledger is said to be the principal book entry and the transactions... “Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.

What is basic defination of fca, Q. What is basic defination of FCA? Ye... Q. What is basic defination of FCA? Yes. FCA is a method of accounting for all financial costs of funds used or committed for municipal solid waste (MSW) services. FCA suggests

Calculate breakeven in sales units and in sales value, Calculate breakeven ... Calculate breakeven in sales units and in sales value: Tycoon makes and sells 600 toy cars per month.  Each toy car is sold for RM40 each.  Tycoon is currently producing at 50

Accounting for investments, case laws case laws

Hedge and a cash flow hedge, PC Bank has $100,000 in fixed rate loans payin... PC Bank has $100,000 in fixed rate loans paying an annual interest rate of 10 percent, payable semiannually. PC Bank also has $100,000 in certificates of deposit. Their depositor

Disposal of business segment, NSC Ltd has a 31 may fiscal year end NSC Ltd has a 31 may fiscal year end

Research and development, Research and Development (R&D) - Research is a pl... Research and Development (R&D) - Research is a planned activity aimed at discovery of new knowledge with hope of developing new or improved services andproducts. Development is the