(2) The ledger of the Get Rich Legally Company contains these balances: Capital $20,000; Dividends $2,000, Retained Earnings $10,000, Income From Sales $50,000, Salaries and Commissions Expense $27,000, Insurance Expense $7,000. Prepare the closing entries for December 31, 2014. All balances are normal balances.
Date Account Debit Credit
(3) The Wee Messed Up Company made the following errors when journalizing and posting the following entries:
1. Collection on account from a customer was from Mr. Smith was recorded as a $870 Debit to Cash and Credit to Service Revenue.
2. The purchase of Office Supplies on account $1,470 was recorded as a Debit to Supplies for $1,740 and Credit to Accounts Payable for $1,740.
Prepare the correcting entries.
Number Account Debit Credit
(4) The worksheet for the Upsey Daisy Company shows Dividends $22,000, Capital Stock $70,000 and, Net Income of $41,000. Prepare the closing entries for the year.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.