The income statement for Weeping Willow Golf Club for the month ending July 31 s
ID: 2423318 • Letter: T
Question
The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $16,158, Salaries and Wages Expense $8,242, Maintenance and Repairs Expense $2,805, and Net Income $5,111.
Date
Account Titles and Explanation
Debit
Credit
(To close revenue account.)
(To close expense accounts.)
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Service Revenue
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
Salaries and Wages Expense
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
Maintenance and Repairs Expense
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $16,158, Salaries and Wages Expense $8,242, Maintenance and Repairs Expense $2,805, and Net Income $5,111.
Explanation / Answer
Closing entries are prepared as under
Also accounts are prepared as under:
Date Account title and explanation Debit Credit Jul-31 Service revenue 16,158 To Income Summary 16,158 (To close revenue account) Jul-31 Income summary $11,047 Salaries and wages expense $8,242 Maintenance and Repair expense $2,805 (To close expense account)Also accounts are prepared as under:
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.