Edwards Corporation operates hair salons under various brand names. The followin
ID: 2406540 • Letter: E
Question
Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2013.
Prepare the closing entry required at June 30, 2013. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2013.
Explanation / Answer
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Trail balance before Closing $ in Million Debit Credit Accounts Payable $ 68 Accounts Receivable $ 57 Accumulated Amortization $ 38 Accumulated Depreciation—Equipment $ 77 Amortization Expense $ 19 Cash $ 198 Common Stock $ 380 Depreciation Expense $ 73 Equipment $ 680 Income Tax Expense $ 19 Interest Expense $ 38 Inventories $ 148 Note Payable (long-term) $ 154 Note Payable (short-term) $ 118 Office Expenses $ 190 Prepaid Rent $ 72 Rent Expense $ 320 Retained Earnings $ 620 Salaries and Wages Expense $ 520 Salaries and Wages Payable $ 158 Service Revenue $ 1,580 Software $ 730 Supplies Expense $ 129 $ 3,193 $ 3,193Related Questions
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