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

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


Answer:

2014 Closing Entries
Oct. 31 Fees Earned 213
Income Summary 213
31 Income Summary 148
Wages Expense 111
Rent Expense 12
Insurance Expense 10
Utilities Expense 6
Supplies Expense 4
Depreciation Expense 3
Miscellaneous Expense 2
31 Income Summary 65
Brenda Schultz, Capital 65
31 Brenda Schultz, Capital 8
Brenda Schultz, Drawing 8