Prepare closing entries from the following data.

755872

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3 years ago

Prepare closing entries from the following data.

Here I have the data and the solution, but I don't understand how they prepared the closing entries, I may need an explanation please. To prepare the closing entries I know you have to first close out the revenue account(s) to the capital account, 2nd, close out the expense accounts to the capital
account and finally close out the drawing account to the capital account. Thanks to anyone who can answer this.

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bio_man

wrote...

Educator

3 years ago

Do you have a copy of the complete question?

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755872 Author

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3 years ago Edited: 3 years ago, 755872

Let me write it from my textbook,
"Prepare the closing entries for the accounts listed in #4 and #5 for Bassing Company at its year end, December 31." And the answer for both of those questions is the one I provided, followed by the answer for this actual question.
And also bio_man, I had trouble with another question I posted a few days ago, someone gave me a similar answer to it but I think it was incorrect.

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bio_man

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Educator

3 years ago

Even after that, I don't know I know how this one is done. I'll reach out to another expert in hope they can help you 😥

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755872 Author

wrote...

3 years ago

Ok thank you so much !! Slight Smile

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755872 Author

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3 years ago

bio man, I don't think anyone was able to help me with the questions I had trouble with Frowning Face

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bio_man

wrote...

Educator

3 years ago

Sorry about that, maybe the person is busy, I pinged him yesterday.

If I understood you well, the official answer is on the right?

Notice that 731,000 is found by taking the

Net sales + Ending Inventory + Purchase Returns and Allowances

The 476,000 is obtained by adding the beginning inventory, purchases, and freight.

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755872 Author

wrote...

3 years ago

It's not the calculation I was really confused about it was mainly the format but its ok dont worry about this question anymore, the only one that I was very unsure of was the most recent one I posted earlier today. I believe one of your staff member's had tried their very best to help me but was not able to get the correct answer, that one I could not understand the calculations but I did post the answer to it (calculations shown).

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bio_man

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Educator

3 years ago

Could you explain to me what you discovered for this question? I wouldn't mind learning a bit more about this accounting stuff...

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755872 Author

wrote...

3 years ago

its fine I figured it out already but thanks for the help

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