Depreciation Expense-Office Equip Depreciation Expense- Store Equipment Salaries

Question

Depreciation Expense-Office Equip Depreciation Expense- Store Equipment Salaries Payable (e) 1.440 10.380 10,380 ere required, prepare appropriate reversing entries. aration of Closing Entries from the Work Sheet 1. Prepare the adjusting entries. 2. Wh LO2, 4,5 Prep The items that follow a re from the Income Statement columns of Wi E7A. Shop's work shee work sheet for the vear ended December 31, 2014. Prepare The owTer Alose the revenue, expense, Income Summary, and Withdrawals accounts. The A. Winter, withdrew $2,500 during the year. Income Statement Debit Credit 12,810 Account Name Repair Revenue Wages Expense 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 tO 4,5 Adjusting Entries and Preparation of a Balance Sheet ESA. 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

The following are the required closing entries:

Date Description Debit Credit December 31,2014 Repair revenue a/c $12,810 ...........To Income summary a/c $12,810 (being revenue account transferred to income summary) december 31,2017 Income summary a/c $7,915 .........TO Wages expens a/c $4,055 .........To Rent expense a/c $600 ..........To Supplies expense a/c $2,130 ..........To Insurance expense a/c $458 .........To Depreciation expense - repair equipment $672 (closing of expenditure accounts to income summary) December 31, 2014 Income summary a/c $4,895 .........To Retained earninngs a/c $4,895 (closing of retained earnings to income summary) December 31, 2014 Retained earnings a/c $2,500 ............To Drawings of A. Winter a/c $2,500 (closing of drawings of A.Winter)

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