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ACC - Bob Evans owns a business, Beachside Realty

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Question;Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry to close the revenue accounts at the end of the period.Debit CreditCash $1,500 Accounts Receivable 2,000 Interest receivable 100 Prepaid insurance 1,600 Notes receivable (long-term) 2,800 Equipment 15,000 Accumulated depreciation $3,000Accounts payable 2,400Accured expenses payable 3,920Income taxes payable 2,700Unearned rent fees 500Bob evans, capital 3,700Bob evans, drawings 2,000Rent fees earned 37,000Furniture rental revenue 1,200Interest revenue 100Wages expense 19,000 Depreciation expense 1,800 Untilities expense 320 Insurance expenses 700 Maintenance expenses 9,000 Income tax expense 2,700 Total $56,520 $56,520Prepare the closing entry required to tranfer the income or loss at the end of the period

 

Paper#39513 | Written in 18-Jul-2015

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