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 in part 1.

Cash			101		Income Summary			313		Supplies Expense			524
Bal.	500									Bal.	500

Accounts Receivable			122		Golf Instruction Fees			401		Insurance Expense			535
Bal.	1,500						Bal.	4,000		Bal.	100

Wages Payable			219		Wages Expense			511		Postage Expense			536
		Bal.	400		Bal.	800				Bal.	50

Chris Williams, Capital			311		Advertising Expense			512		Gas and Oil Expense			538
		Bal.	9,000		Bal.	200				Bal.	150

Chris Williams, Drawing			312		Travel Expense			515		Miscellaneous Expense			549
Bal.	1,000				Bal.	600				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.

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 in part 1.

DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr 30 Golf Instruction Fees 401 4,000 1 2 Income Summary 313 4,000 2 3 3 4 Apr. 30 Income Summary 313 2,480 4 5 Wages Expense 511 800 5 6 Advertising Expense 512 200 7 Travel Expense 515 600 7 8 Supplies Expense 524 500 8 9 Insurance Expense 535 100 9 | 10 Postage Expense 536 50 10 11 Gas and Oil Expense 538 150 11 12 Miscellaneous Expense 549 80 12 13 13 14 Apr. 30 Income Summary 313 14 15 Chris Williams, Capital 311 9,000 x 9,000 X 15 16 16 17 Apr. 30 Chris Williams, Capital 311 1,000 17 18 Chris Williams, Drawing 312 1,000 18 Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Chris Williams, Capital 311 Closing 1,000 Bal. 9,000 Closing Bal. Chris Williams, Drawing 312 Bal. 1,000 Closing | 1,000 Income Summary 313 Closing Closing Closing Golf Instruction Fees 401 Closing Bal. 4,000 Wages Expense 511 Bal. 800 Closing Advertising Expense 512 Bal. 200 Closing Travel Expense 515 Bal. 600 Closing Supplies Expense 524 Bal. 500 Closing Insurance Expense 535 Bal. 100 Closing Postage Expense 536 Bal. 50 Closing Gas and Oil Expense 538 Bal. 150 Closing Miscellaneous Expense 549 Bal. 80 Closing