actions. . Closing entries must be prepared before financial statements can be p

Question

actions. . Closing entries must be prepared before financial statements can be prepared Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E4-11 Selected accounts for Tamora's Salon are presented below. All June 30 postings are Prepare from closing entries. (LO 2) es and W Service Revenue Owner's Capital 6/10 3,200 6/30 8,800 6/30 18,100 6/15 9,700 6/30 2,100 6/1 12,000 6/30 5,000 Bal. 14,900 6/28 5,600 6/24 8,400 Supplies Expense Rent Expense Owner's Drawings 6/12 600 6/30 1,300 6/1 3,000 6/30 3,000 6/13 1,000 6/30 2,100 6/24 700 6/25 1,100 Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to Income Summary E4-12 Noah Bahr Company discovered the following e 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and ade in January 2017. Prepare cred- (LO 3) ited to A collection of $1,000 from a client on account was debited to Cash $100 and credited

Explanation / Answer

Closing entry :

Income summary

date account and explanation debit credit June 30 Service revenue 18100 Income summary 18100 (To close revenue account) June 30 Income summary 13100 Salary and wages expense 8800 Supplies expense 1300 Rent expense 3000 (To close expense account) June 30 Income summary 5000 Owner's capital 5000 (To close income summary) June 30 Owner's capital 2100 Owner's drawing 2100 (To close owner's drawing account)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.