Class, let’s work on a Closing Entry Exercise together.
Class, let’s work on a Closing Entry Exercise together.
Can anyone
explain why a company makes Closing Entries.
Can someone else tell us when Closing Entries are made at a company?
Please feel free to revisit and review the Lecture tab in Weeks 1 and 2.
Use the following information to show us how to make one of the three required
closing entries for ZZZZ Best Pizza Place Incorporated.
Assume that all of the accounts listed below have normal balances.
Rent Expense $ 30,000
Salary Expense $ 15,000
Interest Expense $ 9,000
Supplies Expense $ 5,000
Service Revenue $ 90,000
Dividends $ 10,000
Insurance Expense $ 1,000
_______________________________________________________________________________________
Can someone else tell us what the ending balance in the Retained Earnings account would be
after all of the above closing entries are made?
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