Accounting 100 Question on closing entries?

Question

The following account balances are taken from the work sheet of Nifong Tire Service at December 31, 2003. (All accounts have normal balances)

Rent Expense $11,500
Utilities Expense $5,400
Salaries Expense $55,000
Supplies Expense $850
Tire Service Revenue $86,550
Drawing $7,500
Capital $22,000

Required: Prepare the closing entries in proper journal form. Calculate the updated Capital account balance.

Answer 1

1. Move your question to 'Homework Help'. This is NOT a personal finance question. (Even if it was NOT homework, it is not PERSONAL finance.)
2. Check your course name. It is probably Accounting 101. Most colleges use a numbering system that NEVER ends in '00'.