Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Credit Account No. Name Det? ($) $ ) 100 Cash 255,410 110 Accounts Receivable 15,700 1184 4,400 52,000 403 1,480 9,280 100 990 130 Office
Credit Account No. Name Det? ($) $ ) 100 Cash 255,410 110 Accounts Receivable 15,700 1184 4,400 52,000 403 1,480 9,280 100 990 130 Office Supplies 140 Prepaid Advertising 160 Music Equipment 161 Accum Depn: Music Equipment 210 Accounts Payable 220 Wages Payable 221 Telephone Payable 225 Interest Payable 230 Unearned Revenue 250 Bank Loan Payable 300 Capital 310 Income Summary 350 Withdrawals 400 Revenues 516 Wages Expense 541 Telephone Expense 543 Advertising Expense 544 Mee Supplies Expense 560 Depn Expense Music Equipment 571 Interest Expense 1,440 198,000 111.000 1,000 30,260 14.680 270 4,400 2,516 403 Total 990 352,953 352,953 Statement of changes in owner's equity Julie Yard's orang School of Music Julie Yard's School of Music Statement of Changes in Owner's Equity For the month ended June 30, 2021 $ J. Frank, Capital, June 1, 2021 0 Investments by owner 111,000 Net income for the period 7,001 Withdrawals by owner (1,000) J. Frank, Capital, June 30, 2021 117,001 Balance sheet Julie Yard's Financial statements Income statement Julie Yard's E School of Music Julie Yard's School of Music Income Statement For the month ended June 30, 2021 $ $ 30,260 30,260 Revenues Revenues Total revenues Expenses Wages Expense Telephone Expense Advertising Expense Office Supplies Expense Depn Expense Music Equipment Interest Expense Tofal expenses Net income (14,680) (270) (4,400) (2,516) (403) (990) (23,259) 7,001 Iselect) Income Summary (Closing entry to credit the Income Summary account) Jun 30 (To close the balance of the Income Summary account) Jun 30 select) (To close the Withdrawals account to equity) GENERAL LEDGER Account: Capital Account No. 300 Date Ret. Debit Credit Balance Jun Description 1 Capital contributed by Julia Frank 30 G 111,000 111,000 CR Jun Jun 30 Jun 30 Jun 30 Post.Closing Balance GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary select) select) select) select) Tselect (Closing entry to debit the income Summary account) Jun 30 selet select elect select) select select) select Income Summary
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started