Answer to Question #216754 in Accounting for Shahidul Islam

Question

Seljuk Company has the following balances in selected accounts of its adjusted trial balance.

Accounts Payable $27,000 Service Revenue $98,000 Rent Expense $22,000 Salaries and Wages Expense $51,000 Owner's Drawings $15,000 Owner's Capital $42,000 Accounts Receivable $ 38,000 and Supplies Expense $7,000.

Which account or accounts will be Credited in the first closing entry journal?

Answer 1

Credited Accounts

1. Accounts Payable
2. Service Revenue
3. Owner's Capital