Reference no: EM132500909

On December 31, the ledger of Davis Company contained the following account balances:

Accounts Payable $ 14,800

Fees Income $ 188,000

Accounts Receivable 6,600

Supplies 5,000

Accumulated Depreciation 9,600

Prepaid Rent 65,000

Cash 90,000

Rent Expense 9,800

Depreciation Expense 9,600

Supplies Expense 9,000

Equipment 78,000

Teresa Davis, Capital 133,800

Teresa Davis, Drawing 57,000

Utilities Expense 16,200

All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.

Question a Record entry to transfer fees income to income summary.

Question b Record entry to transfer expenses to income summary.

Question c Record entry to transfer net income or net loss from income summary to capital.

Question d Record entry to transfer drawings to capital account.