Unit 7
Accounting and Finance Foundations Unit 7: Financial Statements 602Financial Statements
Chapter 18
Student Guide
18.6.1 Closing Entries Examples
ABC Company
General Ledger Income Statement Accounts
October 31, 20XXAccount
Number Account Name Debit Credit
410 ABC Services Revenue $225,000.00
510 Rent Expense $10,225.00
520 Supplies Expense $1,200.00
530 Insurance Expense $1,750.00
540 Office Expense $5,200.00
550 Utilities Expense $5,540.00
560 Depreciation Expense, Building $12,500.00$36,415.00 $225,000.00
Net Income $188,585.00
$225,000.00 $225,000.00