Portions of the salaries expense account of a business follow:a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.

Portions of the salaries expense account of a business follow:


Account Salaries Expense Account No. 62 Date Item Post.  Ref. Dr. Cr. 2018 Dec. 27 (1) 29 22,000 1,200,000 31 (2) 30 13,200 1,213,200 31 (3) 31 1,213,200 — — 2019 Jan. 1 (4) 32 13,200 13,200 2 (5) 33 24,000 10,800









a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which  each numbered posting was made.

b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to J. McHenry, Capital.


Answers:

a. (1) Payment (last payday in year)
(2) Adjusting (accrual of wages at end of year)
(3) Closing
(4) Reversing
(5) Payment (first payday in following year)
b. (1) Salaries Expense................................................... 22,000
Cash.................................................................. 22,000
Paid salaries.
(2) Salaries Expense................................................... 13,200
Salaries Payable................................................ 13,200
Accrued salaries.
(3) J. McHenry, Capital................................................ 1,213,200
Salaries Expense................................................ 1,213,200
Closing entry.
(4) Salaries Payable...................................................... 13,200
Salaries Expense................................................ 13,200
Reversing entry.
(5) Salaries Expense................................................... 24,000
Cash.................................................................. 24,000
Paid salaries.

Portions of the wages expense account of a business follow:a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting

Portions of the wages expense account of a business follow:


Account Wages Expense Account No. 53 Date Item Post.  Ref. Dr. Cr. 2018 Dec. 26 (1) 125 15,400 800,000 31 (2) 126 9,250 809,250 31 (3) 127 809,250 — — 2019 Jan. 1 (4) 128 9,250 9,250 2 (5) 129 14,800 5,550










a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.

b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.


Answers:

a. (1) Payment (last payday in year)
(2) Adjusting (accrual of wages at end of year)
(3) Closing
(4) Reversing
(5) Payment (first payday in following year)
b. (1) Wages Expense...................................................... 15,400
Cash.................................................................. 15,400
Paid wages.
(2) Wages Expense...................................................... 9,250
Wages Payable................................................... 9,250
Accrued wages.
(3) D. Bower, Capital................................................... 809,250
Wages Expense................................................... 809,250
Closing entry.
(4) Wages Payable...................................................... 9,250
Wages Expense................................................... 9,250
Reversing entry.
(5) Wages Expense...................................................... 14,800
Cash.................................................................. 14,800
Paid wages.

On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the current fiscal year, and (b) journalize the reversing entries on July 1

On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the current fiscal year, and (b) journalize the reversing entries on July 1, the first day of the following year:

1. Wages are $13,200 per day for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27.

2. Accrued fees earned but not recorded at June 30, $25,000.


Answers:

a. (1) June 30 Wages Expense............................................. 13,200
Wages Payable.......................................... 13,200
Accrued salaries ($13,200 × 1 day).
(2) 30 Accounts Receivable....................................... 25,000
Fees Earned................................................ 25,000
Accrued fees earned.
b. (1) July 1 Wages Payable................................................ 13,200
Wages Expense.......................................... 13,200
Reversing entry.
(2) 1 Fees Earned................................................... 25,000
Accounts Receivable.................................... 25,000
Reversing entry.

On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of the current fiscal year Sales salaries are $2,350 per day for a five-day workweek, ending on Friday.

On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of the current fiscal year, and (b) journalize the reversing entries on January 1, the first day of the following year:

1. Sales salaries are $2,350 per day for a five-day workweek, ending on Friday. The last payday of the year was Friday, December 26.
2. Accrued fees earned but not recorded at December 31, $51,300.


Answers:

a. (1) Dec. 31 Sales Salaries Expense.................................... 7,050
Salaries Payable.......................................... 7,050
Accrued salaries ($2,350 × 3 days).
(2) 31 Accounts Receivable....................................... 51,300
Fees Earned................................................ 51,300
Accrued fees earned.
b. (1) Jan. 1 Salaries Payable............................................. 7,050
Sales Salaries Expense................................. 7,050
Reversing entry.
(2) 1 Fees Earned................................................... 51,300
Accounts Receivable.................................... 51,300
Reversing entry.

The following adjusting entry for accrued wages was recorded on December 31: Dec. 31 Wages Expense 5,500

The following adjusting entry for accrued wages was recorded on December 31:


Dec. 31 Wages Expense 5,500
                              Wages Payable 5,500

a. Journalize the reversing entry that would be made on January 1 of the next period.

b. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.

c. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.

d. What is wages expense for the period January 1–6?


Answers:

a.  Jan. 1 Wages Payable5,500
Wages Expense5,500
b.  Jan. 6 Wages Expense61,375
Cash61,375
c.  Jan. 6 Wages Expense55,875
Wages Payable5,500
Cash61,375
d. $55,875 ($61,375 – $5,500)

Based on the data in Exercise 4-25, prepare the two closing entries for Alert Security Services Co.

Based on the data in Exercise 4-25, prepare the two closing entries for Alert Security Services Co.


Answers:

 2019
 Oct. 31 Fees Earned213
Wages Expense111
Rent Expense12
Insurance Expense10
Utilities Expense6
Supplies Expense4
Depreciation Expense3
Miscellaneous Expense2
Brenda Schultz, Capital65
31 Brenda Schultz, Capital8
Brenda Schultz, Drawing8

Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co

Based on the data in Exercise 4-24, prepare the adjusting entries for Alert Security Services Co.

Answers:

 2019

 Oct. 31 Accounts Receivable13

Fees Earned13

Accrued fees.

31 Supplies Expense4

Supplies4

Supplies used ($8 – $4).

31 Insurance Expense10

Prepaid Insurance10

Insurance expired.

31 Depreciation Expense3

Accumulated Depreciation—Equipment3

Equipment depreciation.

31 Wages Expense1

Wages Payable1

Accrued wages.

Based on the data in Exercise 4-25, prepare an income statement, statement of owner’s equity, and balance sheet for Alert Security Services Co.

Based on the data in Exercise 4-25, prepare an income statement, statement of owner’s equity, and balance sheet for Alert Security Services Co.


Answers:


Fees earned$213
Expenses:
Wages expense$111
Rent expense12
Insurance expense10
Utilities expense6
Supplies expense4
Depreciation expense3
Miscellaneous expense2
Total expenses148
Net income$ 65
Brenda Schultz, capital, November 1, 2018$260
Net income$65
Withdrawals(8)
Increase in owner’s equity57
Brenda Schultz, capital, October 31, 2019$317
Current assets:
Cash$ 12
Accounts receivable103
Supplies4
Prepaid insurance2
Total current assets$121
Property, plant, and equipment:
Land$190
Equipment$50
Less accumulated depreciation 7 43
Total property, plant, and equipment233
Total assets$354
Current liabilities:
Accounts payable$ 36
Wages payable1
Total liabilities$ 37
Brenda Schultz, capital317
Total liabilities and owner’s equity$354

Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:

Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.:


Alert Security Services Co.  End-of-Period Spreadsheet  For the Year Ended October 31, 2019 Adjusted   Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 103 Supplies 4 Prepaid Insurance 2 Land 190 Equipment 50 Accum. Depr.—Equipment 7 Accounts Payable 36 Wages Payable1 Brenda Schultz, Capital 260 Brenda Schultz, Drawing 8 Fees Earned213 Wages Expense 111 Rent Expense 12 Insurance Expense 10 Utilities Expense 6 Supplies Expense 4 Depreciation Expense 3 Miscellaneous Expense 2 Net income (loss) 517 517













Answers:

 Account TitleDebit Credit Debit Credit
 Cash1212
 Accounts Receivable103103
 Supplies44
 Prepaid Insurance22
 Land190190
 Equipment5050
 Accumulated Depreciation—Equipment 77
 Accounts Payable3636
 Wages Payable11
 Brenda Schultz, Capital260260
 Brenda Schultz, Drawing 88
 Fees Earned213 213
 Wages Expense111 111
 Rent Expense12 12
 Insurance Expense10 10
 Utilities Expense6 6
 Supplies Expense4 4
 Depreciation Expense3 3
 Miscellaneous Expense2 2
 Totals517 517 148 213 369 304
 Net income (loss)6565
213 213 369 369

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co

Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2019:



Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2019 Unadjusted Trial Balance Adjustments Adjusted   Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 90 Supplies 8 Prepaid Insurance 12 Land 190 Equipment 50 Accum. Depr.—Equipment 4 Accounts Payable 36 Wages Payable0 Brenda Schultz, Capital 260 Brenda Schultz, Drawing 8 Fees Earned200 Wages Expense 110 Rent Expense 12 Insurance Expense 0 Utilities Expense 6 Supplies Expense 0 Depreciation Expense 0 Miscellaneous Expense 2 500 500











The data for year-end adjustments are as follows:
a. Fees earned but not yet billed, $13.
b. Supplies on hand, $4.
c. Insurance premiums expired, $10.
d. Depreciation expense, $3.
e. Wages accrued but not paid, $1.

Enter the adjustment data and place the balances in the Adjusted Trial Balance columns.


Answers:

 Account TitleDebit Credit Debit Credit
 Cash1212
 Accounts Receivable90 (a) 13 103
 Supplies8 (b) 4 4
 Prepaid Insurance12 (c) 10 2
 Land190190
 Equipment5050
 Accumulated Depreciation—Equipment 4 (d) 3 7
 Accounts Payable3636
 Wages Payable0 (e) 1 1
 Brenda Schultz, Capital260260
 Brenda Schultz, Drawing 88
 Fees Earned200 (a) 13 213
 Wages Expense110 (e) 1 111
 Rent Expense1212
 Insurance Expense0 (c) 10 10
 Utilities Expense66
 Supplies Expense0 (b) 4 4
 Depreciation Expense0 (d) 3 3
 Miscellaneous Expense22
 Totals500 500 31 31 517 517

List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance

List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet.

a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.

b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.

c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.

d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.

e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.

f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.

g. Enter the adjusting entries into the spreadsheet, based on the adjustment data.

h. Enter the amount of net income or net loss for the period in the proper Income Statement column and Balance Sheet column.

i. Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Balance columns of the spreadsheet.

j. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.


Answers:
1. i
2. a
3. g
4. d
5. c
6. f
7. j
8. e
9. h
10. b

The following data (in thousands) were taken from recent financial statements of Starbucks Corporation:

The following data (in thousands) were taken from recent financial statements of Starbucks Corporation:

Year 2 Year 1

Current assets $4,352,700 $4,168,700

Current liabilities 3,653,500 3,038,700

a. Compute the working capital and the current ratio for Year 2 and Year 1. Round to two decimal places.

b.  What conclusions concerning the company’s ability to meet its financial obligations can you draw from part (a)?

Answers:

a.

Current assets...............

Current liabilitites............

Working capital...............

Current ratio..................

b. Starbucks’ working capital declined (decreased) from Year 1 to Year 2 by 

$430,800 ($699,200 – $1,130,000). Starbucks’ current ratio also declined

(decreased) from 1.37 in Year 1 to 1.19 in Year 2. The decline in working capital

and current ratio indicate a concern for short-term creditors; however, Starbucks 

is still in a strong liquidity position.

The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.:

The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.:


December 31
Year 2 Year 1
Current assets $1,498,763 $1,549,399
Current liabilities 478,810 421,627




a. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1. Round to two decimal places.

b.  What conclusions concerning the company’s ability to meet its financial obligations can you draw from part (a)?


Answers:

a.
Current assets...............
Current liabilitites............
Working capital...............
Current ratio..................
b. Under Armour’s working capital decreased by $107,819 ($1,019,953 – $1,127,772)
in Year 2. The current ratio decreased to 3.13 in Year 2. A current ratio of 3.13
still indicates a strong liquidity position. Thus, short-term creditors should not
be concerned about receiving payment from Under Armour.

Rearrange the following steps in the accounting cycle in proper sequence: a. Transactions are analyzed and recorded in the journal.

Rearrange the following steps in the accounting cycle in proper sequence:

a. Transactions are analyzed and recorded in the journal.
b. An unadjusted trial balance is prepared.
c. Transactions are posted to the ledger.
d. Adjustment data are assembled and analyzed.
e. An adjusted trial balance is prepared.
f. Adjusting entries are journalized and posted to the ledger.
g. An optional end-of-period spreadsheet is prepared.
h. A post-closing trial balance is prepared.
i. Financial statements are prepared.
j. Closing entries are journalized and posted to the ledger.


Answers:
a. Transactions are analyzed and recorded in the journal (Step 1).
c. Transactions are posted to the ledger (Step 2).
b. An unadjusted trial balance is prepared (Step 3).
d. Adjustment data are assembled and analyzed (Step 4).
g. An optional end-of-period spreadsheet is prepared (Step 5).
f. Adjusting entries are journalized and posted to the ledger (Step 6).
e. An adjusted trial balance is prepared (Step 7).
i. Financial statements are prepared (Step 8).
j. Closing entries are journalized and posted to the ledger (Step 9).
h. A post-closing trial balance is prepared (Step 10).

An accountant prepared the following post-closing trial balance:La Casa Services Co. Post-Closing Trial Balance March

An accountant prepared the following post-closing trial balance:


La Casa Services Co. Post-Closing Trial Balance March 31, 2019 Debit Balances Credit   Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,540 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,260 Supplies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,200 Accumulated Depreciation—Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,600 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,100 Salaries Payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 Unearned Rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 Sonya Flynn, Capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,900 462,400 137,600

Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.


Answers:

Debit Credit
Balances Balances
Cash46,540
Accounts Receivable122,260
Supplies4,000
Equipment127,200
Accumulated Depreciation—Equipment33,600
Accounts Payable52,100
Salaries Payable6,400
Unearned Rent9,000
Sonya Flynn, Capital198,900
300,000 300,000

Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable

Which of the following accounts will usually appear in the post-closing trial balance?

a. Accounts Receivable
b. Cash
c. Depreciation Expense
d. Fees Earned
e. Doug Woods, Capital
f. Doug Woods, Drawing


Answers:
a. Accounts Receivable
b. Cash
e. Doug Woods, Capital
g. Equipment
h. Land
i. Salaries Payable
j. Unearned Rent

Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer

Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.

(a) Journalize the entry required to close the Teresa Schafer, Drawing account. 

(b) Determine the amount of Teresa Schafer, Capital at the end of the period.

Answers:

a. Teresa Schafer, Capital        770,000

            Teresa Schafer, Drawing            770,000

b. $1,955,000 ($1,885,000 + $3,190,000 – $2,350,000 – $770,000)

Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31

Stylist Services 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 Stylist Services Co.:

Marlena Fenton, Capital $1,060,000
Rent Expense $60,000
Marlena Fenton, Drawing 75,000
Supplies Expense 19,500
Fees Earned 618,200
Miscellaneous Expense 6,150
Wages Expense 388,400

Journalize the two entries required to close the accounts.


Answers:

 July 31 Fees Earned618,200
Wages Expense388,400
Rent Expense60,000
Supplies Expense19,500
Miscellaneous Expense6,150
Marlena Fenton, Capital144,150
31 Marlena Fenton, Capital75,000
Marlena Fenton, Drawing75,000

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.


Labyrinth Services Co. Balance Sheet  For the Year Ended August 31, 2019 Assets Current assets: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $   18,500 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,300
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,500 Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,600 Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   225,000 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $297,900 Property, plant, and equipment: Building. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      97,000 Total property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,400 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $933,300 Liabilities Current liabilities: Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,400 Accumulated depreciation—building. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 Accumulated depreciation—equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  118,200 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $339,600  Owner’s Equity
Wages payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $  6,500 Ruben Daniel, capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  587,200 Total owner’s equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593,700 Total liabilities and owner’s equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $933,300


Answers:
1. The date of the statement should be “August 31, 2019” and not “For the Year Ended August 31, 2019.”
2. Accounts payable should be a current liability.
3. Land should be classified as property, plant, and equipment.
4. “Accumulated depreciation” should be deducted from the related fixed asset.
5. An adding error was made in determining the amount of the total property, plant, and equipment.
6. Accounts receivable should be a current asset.
7. Net income should be reported on the income statement and statement of owner's equity.
8. Wages payable should be a current liability.

A corrected balance sheet would be as follows:


Current assets:
Cash$ 18,500
Accounts receivable41,400
Supplies6,500
Prepaid insurance16,600
Total current assets$ 83,000
Property, plant, and equipment:
Land$225,000
Building$400,000
Less accumulated depreciation 155,000 245,000
Equipment$ 97,000
Less accumulated depreciation 25,000 72,000
Total property, plant, and equipment542,000
Total assets$625,000
Current liabilities:
Accounts payable$ 31,300
Wages payable6,500
Total liabilities$ 37,800
Ruben Daniel, capital587,200
Total liabilities and owner’s equity$625,000

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a. Accounts Receivable

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year:

a. Accounts Receivable

b. Accumulated Depreciation

c. Building

d. Depreciation Expense

e. Fees Earned

f. Jackie Lindsay, Capital

g. Jackie Lindsay, Drawing

h. Land

i. Supplies

j. Supplies Expense

k. Unearned Rent

l. Wages Expense

Answers:

d. Depreciation Expense

e. Fees Earned

g. Jackie Lindsay, Drawing

j. Supplies Expense

l. Wages Expense