Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 

shawlaquick
Mar 27, 2008, 09:45 AM
Need to make a closing single journal entry

Wages: $200,000
Service Revenue: $250,000
Supplies Expense: $75,000
Retained Earnings: $525,000

Should it be:

Retained earnings $525,000
Wages $200,000
Service Revenue $250,000
Supplies Expense $75,000

CaptainForest
Mar 27, 2008, 11:23 AM
Dr. Service Revenue 250,000
Dr. Retained Earnings 25,000
Cr. Supplies Expense 75,000
Cr. Wages (Expense) 200,000


Revenues and Expenses get closed to Retained Earnings. Retained Earnings NEVER gets closed.