After the accounts have been adjusted at December 31, the end of fiscal year, the following balances were taken from the ledger of Company: Required: Account Cash Inventories Accounts payable Capital Drawing

After the accounts have been adjusted at December 31, the end of fiscal year, the following balances were taken from the ledger of Company:

Required: Account
Cash
Inventories
Accounts payable
Capital
Drawing
Sales
Cost of goods sold
Miscellaneous expense

Amount ($)
10500
20000
5500
10000
1000
14000
5000
500

1. Journalize the four entries required to close the accounts

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After the accounts have been adjusted at December 31, the end of fiscal year, the following balances were taken from the ledger of Company: Required: Account Cash Inventories Ac…

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