what is the new way to solve this using income summary? 12:34< closing entries assign...ACC 1007DR. A. FORTE7On the basis of the following data taken from the Adjusted Trial Balance columns of thework sheet for the year ended December 31 for Pavin, journalize the two closing entries.Cash.. $ 31,500Accounts Receivable..¡5,200Supplies.5,000Equipment199,900Accumulated Depreciation.$ 69,00042,500152,60030,000Accounts Payable.C. Pavin, CapitalC. Pavin, Drawing.Fee Earned....Salary Expense.Rent Expense.417,500249,50048,00026,000Depreciation Expense...Supplies Expense.......Miscellaneous Expense..7,5009,000681.600681.6004Dashboard000Calendar.......1To DoNotificationsInbox96

Preparation of closing entries is a method used by the business entity to close its temporary…

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended December 31 for Pavin, journalize the two closing entries. $ 31,500 Cash...... Accounts Receivable...... ¡5,200 5,000 ************ 199,900 Supplies...... Equipment....... Accumulated Depreciation. Accounts Payable.. C. Pavin, Capital. $ 69,000 I 42,500 152,600 C. Pavin, Drawing. 30,000 Fee Earned................... 417,500 249,500 Salary Expense..... Rent Expense.. Depreciation Expense.. 48,000 26,000 Supplies Expense 7,500 ******** Miscellaneous Expense... 9,000 681,600 681.600 *****▪▪▪▪▪▪ ************* www.bu.….. ***************** ********** ******** ***************** **ba…………………. *********** **************** ************** ************* ******************** ..................... .

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended December 31 for Pavin, journalize the two closing entries. $ 31,500 Cash...... Accounts Receivable...... ¡5,200 5,000 ****** 199,900 Supplies...... Equipment....... Accumulated Depreciation. Accounts Payable.. C. Pavin, Capital. $ 69,000 I 42,500 152,600 C. Pavin, Drawing. 30,000 Fee Earned................... 417,500 249,500 Salary Expense..... Rent Expense.. Depreciation Expense.. 48,000 26,000 Supplies Expense 7,500 Miscellaneous Expense... 9,000 681,600 681.600 *▪▪▪▪▪▪ *** www.bu.….. * ***** ba…………………. * ** * ************** ..................... .

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7PB: Using the following information, A. Make the December 31 adjusting journal entry for depreciation....

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