Accounting Problem

The closing entries for Jones Services are the following:

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Income Summary                                                      20

            Utility Expense                                                                           1

            Phone Expense                                                                            1

            Salaries Expense                                                           10

            Rent Expense                                                                  5

            Office Supplies Expense                                                2

            Cleaning Expense                                                           1

                        To close expenses to income summary

Legal Service Fees                                                    32

            Income Summary                                                      32

                        To close revenues to income summary

Income Summary                                                        12

            Jones, Capital                                                              12

                        To close income summary to capital

Jones, Capital                                                                 6

            Jones, Withdrawals                                                   6

                        To close withdrawal to capital


Case Study- Jones Services

Meigs, R,. Meigs, W., & Meigs, M. (1995) Financial Accounting,  McGraw-Hill, New York, USA



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