Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I need help with this question. Selected accounts for Silver Shears Salon are presented below. All 30 June postings are from closing entries. Salaries

Hi, I need help with this question.

image text in transcribedimage text in transcribed
Selected accounts for Silver Shears Salon are presented below. All 30 June postings are from closing entries. Salaries expense 10/6 3,200 30/6 8,800 28/6 5,600 Service revenue 30/6 16,100 15/6 7,700 24/6 8,400 Mary Stamos, Capital 30/6 2,500 1/6 12,000 30/6 3,000 Bal. 12,500 Supplies expense 12/6 600 30/6 1,300 24/6 700 Rent expense 1/6 3,000 30/6 3,000 Mary Stamos, Drawing 13/6 1,000 30/6 2,500 25/6 1,500(a) Prepare the closing entries that were made. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Accounts and description Debit Credit June 30 (To close service revenue) June 30 [To close expenses) June 30 (To close income summary) June 30 (To close Mary Stamos, Drawings) (b) Post the closing entries to Profit or loss summary. Profit or loss summary 30/6 30/6 30/6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago