Closing Journal Entries - Exercise 6 The following are some account balances at the end of the year 2020 for ABC Company. Revenue Fees Earned50,000 Expenses: Utilities3,000 Telephone2,400 Internet1,200 Wages10,000 Amotization4,000 Owner's Drawings7,000 Instructions: A.Journalize the closing entries C.Label the T accounts accordingly with account names and DR and CR D.Post the entries in T accounts
Owner's capital7000 Owner's Drawings7000
GENERAL JOURNAL Page X DATE PARTICULARSPR YEAR 1 2020 2 Dec31 Fees Earned 3 Owner's Capital 4 5 Utilities 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94
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