accounting 2,2

Module 02: Practice Problem 02 - Closing Entries |

Data to Enter

After the entries have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of XYZ Corporation. Open the file you created for Practice Problem 01, and journalize the four entries required to close the accounts.

● Retained Earnings $2,250,000 ● Dividends $20,000 ● Sales Revenue $1,359,000 ● Wages Expense $335,000 ● Rent Expense $95,000 ● Supplies Expense $11,045 ● Miscellaneous Expense $6,800