Selected accounts for Nina\'s Salon are presented below. All June 30 postings ar

Question

Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries. Salaries Expense Service Revenue 6/10 3,642 6/30 9,507 6/30 14,460 6/15 6,265 6/28 5,865 6/24 8,195 Nina Cole, Capital Supplies Expense 6/30 3,393 6/1 11,578 6/12 759 6/30 1,613 6/30 -84.00 6/24 854 Bal. 8,101.0 Rent Expense Nina Cole, Drawing 6/1 3,424 6/30 3,424 6/13 1,111 6/30 3,393 6/25 2,282 Instructions (a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit (To close revenue.) Nina Cole, DrawingService RevenueRent ExpenseNina Cole, CapitalSalaries ExpenseIncome SummarySupplies Expense Income SummarySupplies ExpenseNina Cole, CapitalNina Cole, DrawingRent ExpenseService RevenueSalaries Expense Nina Cole, DrawingNina Cole, CapitalSupplies ExpenseService RevenueSalaries ExpenseRent ExpenseIncome Summary (To close expenses.) (To close net income.) Income SummarySalaries ExpenseService RevenueRent ExpenseSupplies ExpenseNina Cole, DrawingNina Cole, Capital (To close drawings.) (b) Post the closing entries to Income Summary. (Post the entries in the order presented above. If an amount should be blank, enter a zero. All boxes must be filled to be correct.) Income Summary June 30 June 30 June 30 June 30

Explanation / Answer

The net of the Income summary is a $2,000 credit, that means the company made a profit of $2,000

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