Making closing entries Brown Insurance Agency reported the following items at November 30, 2012:
|
Sales and marketing expense |
$2,100 |
Cash |
$1,100 |
|
Other assets |
700 |
Service revenue |
5,500 |
|
Depreciation expense |
800 |
Accounts payable |
500 |
|
Long term liabilities |
600 |
Accounts receivable |
900 |
Requirement
1. Journalize Brown’s closing entries, as needed for these accounts.