Questions
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question1.docx1. Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year , the following balances were taken from the ledger of Creative Images Co.:
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Violet Lozano, Capital |
$930,000 |
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Violet Lozano, Drawing |
13,000 |
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Fees Earned |
703,500 |
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Wages Expense |
484,000 |
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Rent Expense |
66,500 |
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Supplies Expense |
12,000 |
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Miscellaneous Expense |
14,000 |
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CHART OF ACCOUNTS |
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Creative Images Co. |
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General Ledger |
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JOURNAL
ACCOUNTING EQUATION
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DATE |
DESCRIPTION |
POST. REF. |
DEBIT |
CREDIT |
ASSETS |
LIABILITIES |
EQUITY |
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1 |
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Closing Entries |
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2 |
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9 |
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