actions. . Closing entries must be prepared before financial statements can be prepared Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E4-11 Selected accounts for Tamora's Salon are presented below. All June 30 postings are Prepare from closing entries. (LO 2) es and W Service Revenue Owner's Capital 6/10 3,200 6/30 8,800 6/30 18,100 6/15 9,700 6/30 2,100 6/1 12,000 6/30 5,000 Bal. 14,900 6/28 5,600 6/24 8,400 Supplies Expense Rent Expense Owner's Drawings 6/12 600 6/30 1,300 6/1 3,000 6/30 3,000 6/13 1,000 6/30 2,100 6/24 700 6/25 1,100 Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to Income Summary E4-12 Noah Bahr Company discovered the following e 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and ade in January 2017. Prepare cred- (LO 3) ited to A collection of $1,000 from a client on account was debited to Cash $100 and credited