Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owner’s capital account.
Chapter 6: Accounting for Merchandising Businesses: 6-9i Comprehensive Problem 2 Book Title: Accounting Chapter Review Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 20Y7 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 […]