6-4

Using the following partial list of T-Accounts do exercise.

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal. Then, complete the posting in part 1.

Use the below work sheet for Major Advising to do exercise.

( FOR EXERCISES 6 - 14 , 6 - 24, 6 - 34, AND 6- 4A)Major AdvisingWork Sheet ( Partial )For Month Ended January 31 , 20 - -INCOME STATEMENTBALANCE SHEETACCOUNT TITLEDEBITCREDITDEBITCREDIT1| Cash1| 3| 3 9| 002| Accounts Receivable9/ 3\ 5| 0023\ Supplies3/ 4 6 / 004| Prepaid Insurance8| 0| 0| 0045\ Office Equipment3| 5| 0| 0| 0056| Accum . Dept . - Office Equipment97| Accounts Payable2 0 0| 00|8| Wages Payable1/ 0 0 0 00| 7\9\ Ed Major , Capital3| 0 0 00| 810 Ed Major , Drawing4| 1 0 0 1 00| 9\17\ Advising Fees9/ 0 0| 001012| Wages Expense4| 1 4 0 001113| Advertising Expense7 0 0 009 0| 001214| Rent Expense15\ Supplies Expense5 0 0 001316\ Phone Expense1 5 0 001417\ Electricity Expense6 7| 0018| Insurance Expense4 8| 0019\ Gas and Oil Expense8 9 / 005 3| 001820| Dept . Expense _ Office Equipment2 0 0 001921| Miscellaneous Expense2 3| 0020222123\ Net Income1/ 9 2 0 | 004| 1 4 0 00|7/ 8| 2| 0| 00|2412| 2 2 0| 005/ 6 0| 0| 00| 224| 1 4 0 00|4| 1| 4 0 00|7/ 8| 2| 0| 00|2| 2| 2| 0| 00| 237/ 8| 21 0 100| 24 204PART 1Accounting for a Service BusinessE 6-4A (LO2)Capital 1/31: $5,420CLOSING ENTRIES (NET INCOME) Set up T accounts for Major Advising basedon the work sheet in Exercise 6-1A and the chart of accounts provided below. Entermoda sonaled or's singgag on balthe existing balance for each account. Prepare closing entries in general journal form.Then post the closing entries to the T accounts.578 3nomsima Isionanil doidw nO Sonsooos inensaneqAssetssbonousr arnuobas mandChart of Accounts101122Cash mos to zoqv3 soar omak1 .RevenuesAccounts Receivable401Advising Feesoris to sonsled oris no com141145SuppliesExpensesSbeanluolso anwroms ant181Prepaid InsuranceOffice Equipmentigno a'anwo511Wages ExpenseSsonsled Isin181.1Accum. Depr.-Office Equip.512Advertising Expense521Rent Expense524LiabilitiesSupplies Expense525Phone Expense202Accounts Payable533Electricity Expense219Wages Payable535Insurance Expense-53q .woled anizivbA rojaM zot tsarlashawn Isingg arh mort TV MUTATa 3MO 538Gas and Oil Expense541Depr. Exp.-Office Equip.Owner's Equity.3names are omroom is549Miscellaneous Expensei gingerg woletl doodle dlow311Ed Major Capital312Ed Major DrawingTWO TO THEMSTATSaattwo oshi yd sbam aaw mom313Income SummaryE 6-5A (LO2) 1 376907CLOSING ENTRIES (NET INCOME) Using the following partial listing ofepare closing entries in general journal form dated April 30, 20--. Then ( FOR EXERCISES 6- 1B, 6 - 2B, 6 - 3 B, AND 6 - 4B )Adams' Shoe ShineWork Sheet ( Partial )For Month Ended June 30 , 20 - -INCOME STATEMENTBALANCE SHEETACCOUNT TITLEDEBIT"REDITDEBITCREDIT\Cash3| 2 6 2| 002| Accounts Receivable*1 / 2| 4 4| 003\ Supplies8 0 01 0034| Prepaid Insurance6 4 0 0045| Office Equipment*2 / 1 0 010056| Accum . Dept . __ Office Equipment1 / 1 0 00| 67\ Accounts Payable1\8| 5 0| 00| 78| Wages Payable\2| 6 0| 00| 8|16\00 10 0| 0| 99| Mary Adams , Capital10| Mary Adams , Drawing210 0 0 1 001011\ Service Fees4| 8 | | | 3 | 001112| Wages Expense1/ 0| 8| 0| 001213| Advertising Expense\3| 4 001314| Rent Expense9| 0| 0 | 001415\ Supplies Expense3| 2| 2 / 001516| Phone Expense1 / 3| 3 | 001617\ Utilities Expense1/ 0| 2 | 0018| Insurance Expense1/ 2| 0| 001819\ Gas and Oil Expense1920\ Dept . Expense - Office Equipment1 / 1| 0| 002021| Miscellaneous Expense21222| 9| 8| 7 | 004| 8| | | 3| 00| 10| 0| 4 6| 00| 8| 2| 2| 0 | 00| 2223| Net Income1 / 8 / 2| 6| 001/ 8| 2| 6| 00| 23244| 8| 1 / 3| 001\4| 8| 1| 3 | 00| 10 | 0| 4 6 | 00| 10| 0| 4| 6 | 00| 24 23 Net Income4 6 001 8 2 6 008 2 2 0 00241 8 2 6 00 234 8 1 3 004 8 1 3 00 10 0 4 6 00 10 0 4 6 00 24E 6-4B (LO2)/ Capital 6/30: $5,826CLOSING ENTRIES (NET INCOME) Set up T accounts for Adams' Shoe Shinebased on the work sheet above and the chart of accounts provided below. Enter theexisting balance for each account. Prepare closing entries in general journal form. Thenpost the closing entries to the T accounts.Chart of AccountsAssetsRevenues101Cash401Service Fees122Accounts Receivable141SuppliesExpenses145Prepaid Insurance511Wages Expense181Office Equipment512Advertising Expense181.1Accum. Depr.-Office Equip.521Rent Expense523Supplies ExpenseLiabilities525Phone Expense202Accounts Payable533Utilities Expense219Wages Payable535Insurance Expense538Gas and Oil ExpenseOwner's Equity542311Mary Adams, Capital549Depr. Exp.-Office Equip.Miscellaneous Expense312Mary Adams, Drawing313Income Summary