Closing Entries (Net Income)

Use the following partial listing of T accounts to complete this exercise.

1. Prepare closing entries dated April 30, 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 above. Then, complete the posting for part 1.

Cash			101
Bal.	500

Accounts Receivable			122
Bal.	1,500

Wages Payable			219
		Bal.	400

Chris Williams, Capital			311
		Bal.	9,000

Chris Williams, Drawing			312
Bal.	1,000

Income Summary			313

Golf Instruction Fees			401
		Bal.	4,000

Wages Expense			511
Bal.	860

Advertising Expense			512
Bal.	200

Travel Expense			515
Bal.	600

Supplies Expense			524
Bal.	500

Insurance Expense			535
Bal.	100

Postage Expense			536
Bal.	50

Gas and Oil Expense			538
Bal.	150

Miscellaneous Expense			549
Bal.	80

1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

Page: 1

ROW NUMBER	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT	ROW NUMBER
1	20-- Apr. 30	CashGolf Instruction FeesChris Williams, CapitalIncome SummaryMiscellaneous Expense	blank	- Select -	- Select -	- Select -	1
2	blank	Accounts ReceivableGolf Instruction FeesChris Williams, CapitalIncome SummaryPostage Expense	blank	- Select -	- Select -	- Select -	2
3	blank	blank	blank	blank	blank	blank	3
4	Apr. 30	Golf Instruction FeesChris Williams, CapitalGas and Oil ExpenseIncome SummaryWages Payable	blank	- Select -	- Select -	- Select -	4
5	blank	Golf Instruction FeesChris Williams, CapitalIncome SummaryWages ExpenseWages Payable	blank	- Select -	- Select -	- Select -	5
6	blank	Advertising ExpenseGolf Instruction FeesChris Williams, CapitalIncome SummaryCash	blank	- Select -	- Select -	- Select -	6
7	blank	Accounts ReceivableGolf Instruction FeesChris Williams, DrawingIncome SummaryTravel Expense	blank	- Select -	- Select -	- Select -	7
8	blank	Golf Instruction FeesChris Williams, CapitalCashIncome SummarySupplies Expense	blank	- Select -	- Select -	- Select -	8
9	blank	Golf Instruction FeesChris Williams,DrawingIncome SummaryInsurance ExpenseWages Payable	blank	- Select -	- Select -	- Select -	9
10	blank	Golf Instruction FeesChris Williams, CapitalCashIncome SummaryPostage Expense	blank	- Select -	- Select -	- Select -	10
11	blank	Accounts ReceivableGas and Oil ExpenseGolf Instruction FeesChris Williams, CapitalIncome Summary	blank	- Select -	- Select -	- Select -	11
12	blank	Golf Instruction FeesChris Williams, CapitalChris Williams, DrawingIncome SummaryMiscellaneous Expense	blank	- Select -	- Select -	- Select -	12
13	blank	blank	blank	blank	blank	blank	13
14	Apr. 30	Golf Instruction FeesChris Williams, DrawingCashIncome SummaryInsurance Expense	blank	- Select -	- Select -	- Select -	14
15	blank	Accounts ReceivableGolf Instruction FeesChris Williams, CapitalIncome SummaryWages Payable	blank	- Select -	- Select -	- Select -	15
16	blank	blank	blank	blank	blank	blank	16
17	Apr. 30	Golf Instruction FeesChris Williams, CapitalChris Williams, DrawingCashWage Expense	blank	- Select -	- Select -	- Select -	17
18	blank	Golf Instruction FeesChris Williams, DrawingCashIncome SummaryInsurance Expense	blank	- Select -	- Select -	- Select -	18
19	blank	blank	blank	blank	blank	blank	19

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 above. Then, complete the posting for part 1.

Cash			101
Bal.	500

Accounts Receivable			122
Bal.	1,500

Wages Payable			219
		Bal.	400

Chris Williams, Capital			311
Closing	fill in the blank 46e6a603afa0058_1	Bal.	9,000
		Closing	fill in the blank 46e6a603afa0058_2
		Bal.	fill in the blank 46e6a603afa0058_3

Chris Williams, Drawing			312
Bal.	1,000	Closing	fill in the blank 46e6a603afa0058_4

Income Summary			313
Closing	fill in the blank 46e6a603afa0058_5	Closing	fill in the blank 46e6a603afa0058_6
Closing	fill in the blank 46e6a603afa0058_7

Golf Instruction Fees			401
Closing	fill in the blank 46e6a603afa0058_8	Bal.	4,000

Wages Expense			511
Bal.	860	Closing	fill in the blank 46e6a603afa0058_9

Advertising Expense			512
Bal.	200	Closing	fill in the blank 46e6a603afa0058_10

Travel Expense			515
Bal.	600	Closing	fill in the blank 46e6a603afa0058_11

Supplies Expense			524
Bal.	500	Closing	fill in the blank 46e6a603afa0058_12

Insurance Expense			535
Bal.	100	Closing	fill in the blank 46e6a603afa0058_13

Postage Expense			536
Bal.	50	Closing	fill in the blank 46e6a603afa0058_14

Gas and Oil Expense			538
Bal.	150	Closing	fill in the blank 46e6a603afa0058_15

Miscellaneous Expense			549
Bal.	80	Closing	fill in the blank 46e6a603afa0058_16