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  • Closing Entries

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    T Brown
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    This general journal shows revenue, expenses, and capital transactions for two companies as of May 31 and December 31. For the first company, service revenue of $76,000 is recorded along with expenses totaling $47,800 and distributions to the owner, M. Muncel, of $22,000 in drawings and $28,200 in additional capital. For the second company, service revenue of $44,000 is recorded along with total expenses of $33,100 and distributions of $7,000 in drawings and $10,900 in additional capital to the owner, T. Cruz.

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    Closing Entries (1)

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    This general journal shows revenue, expenses, and capital transactions for two companies as of May 31 and December 31. For the first company, service revenue of $76,000 is recorded along with expenses totaling $47,800 and distributions to the owner, M. Muncel, of $22,000 in drawings and $28,200 in additional capital. For the second company, service revenue of $44,000 is recorded along with total expenses of $33,100 and distributions of $7,000 in drawings and $10,900 in additional capital to the owner, T. Cruz.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    5 views2 pages

    Closing Entries

    Uploaded by

    T Brown
    This general journal shows revenue, expenses, and capital transactions for two companies as of May 31 and December 31. For the first company, service revenue of $76,000 is recorded along with expenses totaling $47,800 and distributions to the owner, M. Muncel, of $22,000 in drawings and $28,200 in additional capital. For the second company, service revenue of $44,000 is recorded along with total expenses of $33,100 and distributions of $7,000 in drawings and $10,900 in additional capital to the owner, T. Cruz.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    Company Name

    General Journal
    As of May 31
    Date Details PR Debit Credit
    May 31 Service Revenue $76,000.00
    Income Summary $76,000.00
    Closing Entry

    May 31 Income Summary $47,800.00


    Depreciation Expense $15,000.00
    Salaries Expense $20,000.00
    Insurance Expense $4,400.00
    Rent Expense $8,400.00
    Closing Entry

    May 31 M. Muncel - Capital $22,000.00


    M. Muncel - Drawings $22,000.00
    Closing Entry

    May 31 Income Summary $28,200.00


    M. Muncel - Capital $28,200.00
    Cruz Company
    General Journal
    As of December 31, 2015
    Date Details PR Debit Credit
    Dec. 31 Service Revenue $44,000.00
    Income Summary $44,000.00
    Closing Entry

    Dec. 31 Income Summary $33,100.00


    Depreciation Expense $3,000.00
    Salaries Expense $22,000.00
    Insurance Expense $2,500.00
    Rent Expense $3,400.00
    Supplies Expense $2,200.00
    Closing Entry

    Dec. 31 T. Cruz - Capital $7,000.00


    T. Cruz - Drawings $7,000.00
    Closing Entry

    Dec. 31 Income Summary $10,900.00


    M. Muncel - Capital $10,900.00
    Closing Entry

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