Chapter 4: Closing Journal Entries
For the following accounts, determine if the account needs to closed. If it does not need to be closed, write
need to be closed, write the closing entry to close that account.
Interest Payable has a balance of $2,300.
Utilities Expense has a balance of $6,700.
Sales Revenue has a balance of $4,100.
Accumulated Depreciation has a balance of $3,500.