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On December 31, 20X1, the ledger of Lopez Company contained the following account
balances: All the accounts have normal balances. Prepare the closing entries for the above
transactions. 4 Record the closing entry for revenue. Note: Enter debits before credits. Record
the closing entry for expenses. Note: Enter debits before credits. Record the closing entry for the
balance of income summary. Note: Enter debits before eredits. < 1 2 Record the closing entry for
the drawing account. Note: Enter debits before credits.

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On December 31- 20X1- the ledger of Lopez Company contained the follow.pdf

  • 1. On December 31, 20X1, the ledger of Lopez Company contained the following account balances: All the accounts have normal balances. Prepare the closing entries for the above transactions. 4 Record the closing entry for revenue. Note: Enter debits before credits. Record the closing entry for expenses. Note: Enter debits before credits. Record the closing entry for the balance of income summary. Note: Enter debits before eredits. < 1 2 Record the closing entry for the drawing account. Note: Enter debits before credits.