Ap selected accounts for Tamora's Salon are presented here. All June 30 postings are from closing entries.
Question:
Ap selected accounts for Tamora's Salon are presented here. All June 30 postings are from closing entries.
Instructions.
a. Prepare the closing entries that were made.
b. Post the closing entries to Income Summary.
Transcribed Image Text:
Salaries and Wages Expense 6/10 3,200 6/28 5,600 Bal. 8,800 6/30 8,800 6/30 Supplies Expense 6/12 600 6/24 700 Bal. 1,300 6/30 1,300 6/1 Bal. Service Revenue 6/15 9,700 6/24 8,400 18,100 Bal. 18, 100 Rent Expense 3,000 3,000 6/30 3,000 6/30 6/13 6/25 Bal. Owner's Capital 2,500 6/1 12,000 6/30 5,000 Bal. 14,500 Owner's Drawings 1,000 1,500 2,500 6/30 2,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
a Closing entries Date Account titles Debit Credit 630 Service revenue 18100 Income summary 18100 T...View the full answer
Answered By
Afnan qasim
Hello, my name is Heart, and I'm an experienced accounting tutor who'd love to help you out with your studies. I pursued the Bachelor of Science in Accountancy program during college, wherein I completed various courses that gave me solid theoretical knowledge in accounting. Throughout my academic career, I was consistently recognized as one of the top-performing students and received an academic scholarship for my outstanding grades.
In my most recent job as a freelance tutor at Coursehero, I got to help thousands of students around the world to help them solve challenging accounting problems and understand complex topics. This gave me valuable experience communicating with students from diverse backgrounds, helping me understand their needs and provide them with helpful feedback.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Question Posted:
Students also viewed these Business questions
-
Selected accounts for Tamoras Salon are presented below. All June 30 postings are from closing entries. Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to...
-
Selected accounts for Nina??s Salon are presented below. All June 30 postings are from closing entries. Instructions(a) Prepare the closing entries that were made.(b) Post the closing entries to...
-
Selected accounts for Michelles Salon are presented below. All June 30 postings are from closing entries. Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to...
-
= 0.5. The p.d.f. for the waiting time X until an event occurs often follows the exponential distribution (to be studied in Section 7.6), with the form g(x) = e-x for some positive value of , defined...
-
In a roll of a pair of fair dice (one red and one green), let A be the event the red die shows a 3, 4, or 5; let B be the event the green die shows a 1 or a 2; and let C be the event the dice total...
-
Harley-Davidson manufactures motorcycles and accessories. Financial information from the 2012 annual report is excerpted as follows: Balance Sheet Information: Inventories, net (in thousands):...
-
Geneseed Laboratories, Inc., wants to develop new strains of carrots from seeds bought for that purpose from two different suppliers. The company wants to develop a strain of miniature carrots for...
-
School Stars produces stars for elementary teachers to reward their students. School Stars trial balance on June 1 follows: June 1 balances in the subsidiary ledgers were as follows: Materials...
-
Two children are throwing a ball back-and-forth straight across the back seat of a car. The ball is being thrown 9 mph relative to the car, and the car is travelling 40 mph down the road. If one...
-
Given the following data: Period 1 2 3 4 5 6 7 8 9 Gross Requirements 70 30 90 30 80 20 90 60 80 The beginning inventory is 0 and there are no scheduled receipts. The order cost is $90 and the...
-
Blair Natt Company discovered the following errors made in January 2022. 1 . A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2 . A...
-
The following are the major balance sheet classifications: Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Match each of the following...
-
A cross section of Earth's magnetic field can be represented as a vector field in which the center of Earth is located at the origin and the positive y-axis points in the direction of the magnetic...
-
An ideal gas is undergoing a process in which temperature and volume relation is Tav 3 . Calculate the work done by the gas is going from state -1 in which pressure is 100 bar and the volume is 4 m...
-
Directions: Read the article carefully and answer the question thoroughly. Great equalizer: TRAIN law introduces uniform transfer tax rates The variety of transfer taxes is quite confusing. The...
-
In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares...
-
How do organizational change management theories, such as Lewin's Force Field Analysis or Kotter's Eight-Step Process, inform successful implementation strategies for large-scale organizational...
-
Swan Corporation began work on 3,140 units this period. Work In Process Inventory was 550 at the beginning of the period (60% complete) and 1,000 at the end of the period (50% complete). Beginning...
-
East Ltd manufactures Blu-ray players using a completely automated production process. West Ltd also manufactures Blu-ray players, but its products are assembled manually. How will these two firms...
-
1. Using the information from Problem 16-4B, prepare a statement of cash flows for Lim Garden Supplies Inc. using the direct method of presenting cash flows from operating activities. 2. How does Lim...
-
What are some of the major challenges facing the accounting profession?
-
What are the major objectives of financial reporting?
-
Of what value is a common set of standards in financial accounting and reporting?
-
A company has fixed costs of $300,000, variable costs per unit of $6, and a selling price per unit of $22. Calculate the breakeven point in units and dollars, and evaluate the company's cost...
-
HM Corporation is considering discontinuing Product x because it is earning an operating loss for the company. Data for Product x are as follows: \ table [ [ \ table [ [ Sales
-
Activity - Based Costing and Conventional Costs Compared Chef Grill Company manufactures two types of cooking grills: the Gas Cooker and the Charcoal Smoker. The Cooker is a premium product sold in...
Study smarter with the SolutionInn App