What would the entry be to close the expenses., Accounting Basics

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What would the entry be to close the expenses.

At the begining of the year, acompanies balance sheet reported the following balances:Total Assets= $125,000; Total Liabilities=$75,000; and Owners Capital=$50,00.Durning the year thr company reported revenues of $46,000 and expenses of $30,00. In addition, the owners withdrawls for the year totaled $20,00. What would the entry be to close the expenses.

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Accounting Basics: What would the entry be to close the expenses.

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Accounting Basics: What would the entry be to close the expenses.

Reference No:- TGS0697998

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Recent Questions Asked Accounting Basics

Q : How much may jr deduct as travel and transportation expense

Q : How many miles did each truck travel before they met

Q : What is the maximum value of the rms current

Q : How much can fronton deduct as business expenses

Q : What would the entry be to close the expenses.

Q : What are the first three terms in an arithmetic series

Q : Determining power when voltage remains constant

Q : What is the total value of the work in process inventory

Q : The hoover corporation to purchase hospital supplies

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What would the entry be to close the expenses.

Reference No:- TGS0697998

Recent Questions Asked Accounting Basics

Q : How much may jr deduct as travel and transportation expense

Q : How many miles did each truck travel before they met

Q : What is the maximum value of the rms current

Q : How much can fronton deduct as business expenses

Q : What would the entry be to close the expenses.

Q : What are the first three terms in an arithmetic series

Q : Determining power when voltage remains constant

Q : What is the total value of the work in process inventory

Q : The hoover corporation to purchase hospital supplies

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