Shore Salaries Expense insurance Expense Office Supplies Expense (a) 480 (b) 1,2

Question

Shore Salaries Expense insurance Expense Office Supplies Expense (a) 480 (b) 1,260 (c) 2,800 (d) 4,400 Depreciation Expense-Office Equipment Expense- Store Equipment (e) 1.440 10,380 Salaries Payable 10,380 1. Prepare the adjusting entries. 2. Where required, prepare appropriate reversing entries 4S Preparation of Closing Entries from the Work Sheet EZA. The items that follow are from the Income Statement columns of Winter's Shop's work sheet for the vear ended December 31, 2014. Prepare journal en close the entries to The owner, o slse the revenue, expense, Income Summary, and Withdrawals accountThe A. Winter, withdrew S2,500 during the year. Income Statement Debit Account Name Repair Revenue Wages Expense Credit 12,810 4,055 600 2,130 458 672 7.915 4,895 12,810 Rent Expense Supplies Expense Insurance Expense Depreciation Expense-Repair Equipment 12,810 Net Income 12,810 Lo4,5 Adjusting Entries and Preparation of a Balance Sheet E8A. In the partial work sheet for K. Joe Company that follows, the Trial Balance and Income Statement columns have been completed. All amounts are in dollars.

Explanation / Answer

E7A

date Account debit credit 1 Repair revenue 12810 Incime summary 12810 [To close revenue] 2 Income summary 7915 Wage expense 4055 Rent expense 600 Supplies expense 2130 Insurance expense 458 Depreciation expense-repair equipment 672 [To close expense] 3 Income summary 4895 A winter capital account 4895 [tO CLOSE net income] 4 A winter capital account 2500 A winter drawing account 2500 [to close drawing ]

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