Prepare the necessary closing entries based on the following selected accounts. Accumulated Depreciation $ 10 , 000 Depreciation Expense 6 , 000 Owner’s Capital 20 , 000 Owner’s Drawings 9 , 000 Salaries and Wages Expense 19 , 000 Service Revenue 40 , 000 \begin{array}{lrr} ext { Accumulated Depreciation} & \$10,000\ ext {Depreciation Expense } & 6,000\ ext { Owner ' s Capital } & 20,000\ ext {Owner ' s Drawings } & 9,000\ ext { Salaries and Wages Expense } & 19,000\ ext { Service Revenue} & 40,000\\end{array} Accumulated Depreciation Depreciation Expense Owner’s Capital Owner’s Drawings Salaries and Wages Expense Service Revenue $10 , 000 6 , 000 20 , 000 9 , 000 19 , 000 40 , 000

Question

Prepare the necessary closing entries based on the following selected accounts.    Accumulated Depreciation $ 10 , 000 Depreciation Expense  6 , 000  Owner’s Capital  20 , 000 Owner’s Drawings  9 , 000  Salaries and Wages Expense  19 , 000  Service Revenue 40 , 000 \begin{array}{lrr}  	ext {  Accumulated Depreciation}  & \$10,000\ 	ext {Depreciation Expense }  & 6,000\ 	ext { Owner ' s Capital  }  & 20,000\ 	ext {Owner ' s Drawings  }  & 9,000\ 	ext { Salaries and Wages Expense }  & 19,000\ 	ext {  Service Revenue}  & 40,000\\end{array}  Accumulated Depreciation Depreciation Expense   Owner’s Capital  Owner’s Drawings   Salaries and Wages Expense   Service Revenue ​ $10 , 000 6 , 000 20 , 000 9 , 000 19 , 000 40 , 000 ​

Zybrea Knight · Accepted Answer

Final Answer :  Service Revenue.  40 , 000 Income Summary  40 , 000  Income Summary  25 , 000 Depreciation Expense  6 , 000  Salaries and Wages Expense 19 , 000  Income Summary.  15 , 000  Owner’s Capital  15 , 000  Owner’s Capital.  9 , 000  Owner’s Drawings  9 , 000 \begin{array}{lrr}  	ext {Service Revenue.  }  & 40,000\ 	ext {Income Summary  }  & & 40,000\\ 	ext { Income Summary }  & 25,000\ 	ext {Depreciation Expense  }  & & 6,000\ 	ext {  Salaries and Wages Expense}  & & 19,000\ & \ 	ext { Income Summary. }  & 15,000\ 	ext { Owner ' s Capital }  & & 15,000\\	ext { Owner ' s Capital. }  & 9,000\ 	ext { Owner ' s Drawings }  & & 9,000\\end{array} Service Revenue.  Income Summary   Income Summary  Depreciation Expense   Salaries and Wages Expense  Income Summary.   Owner’s Capital   Owner’s Capital.   Owner’s Drawings  ​ 40 , 000 25 , 000 15 , 000 9 , 000 ​ 40 , 000 6 , 000 19 , 000 15 , 000 9 , 000 ​

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