Exercise 4-11 a-b

Selected accounts for Bridgeport Salon are presented below. All June 30 postings are from closing entries.

Salaries and Wages Expense

6/10

2,500

6/28

5,590

Bal.

8,090

6/30

8,090

Supplies Expense

6/12

670

6/24

790

Bal.

1,460

6/30

1,460

Service Revenue

6/30

17,300

6/15

8,900

6/24

8,400

Bal.

17,300

Bal.

17,300

Rent Expense

6/1

3,020

Bal.

3,020

6/30

3,020

Retained Earnings

6/30

2,240

6/1

12,500

6/30

4,730

Bal.

14,990

Dividends

6/13

1,000

6/25

1,240

Bal.

2,240

6/30

2,240

Prepare the closing entries that were made.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 30

(To close revenue account)

June 30

(To close expense account)

June 30

(To close net income / (loss))

June 30

(To close dividends)

Post the closing entries to Income Summary.(Post entries in the order of journal entries posted in the previous part of the question.)

Income Summary

June 30

Total

June 30

Total

June 30

Total

June 30

Total

June 30

Total

June 30

Total