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Prepare general journal entries to record the closing entry

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Reference no: EM132143755

Question - As a senior Accountant you had just prepared and posted the journal entry that closed the revenue accounts to the income summary Account. You then noticed that your bookkeeper made a tragic error in recording one of the expenses during the last month of the fiscal year. The bookkeeper has recorded the December utility bill as a debit to Accounts Receivable and a credit to Wages expense for $550. Use this information to prepare the compound general journal entries needed to

a. Correct the error

b. record the closing entry for the expenses.

Reference no: EM132143755

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