Problem A – IV — Closing Entries The end of the period account balances after adjustments Problem A – IV — Closing EntriesThe end of the period account balances after adjustments of Dixon Cleaners and Laundry are as follows: Account Balances (After Adjustments) Cash $ 9,000 Supplies 3,500 Prepaid Rent 3,600 Equipment 128,000 Accumulated Depreciation—Equipment 20,000 Accounts Payable 8,500 Common Stock 60,000 Retained Earnings 46,400 Dividends 7,000 Service Revenue 26,000 Supplies Expense 5,000 Depreciation Expense 3,000 Rent Expense 900 Salaries and Wages Expense 3,400 Utilities Expense 500 Instructions Prepare the end of the period closing entries for Dixon Cleaners and Laundry. You may omit journal entry explanations. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Google+ (Opens in new window)Like this:Like Loading... Related
