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Need help with this question which is due tonight and I'm stuck. Any help is appreciated. Exercise 4-4 The adjusted trial balance columns of the
Need help with this question which is due tonight and I'm stuck. Any help is appreciated.
Exercise 4-4 The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY Worksheet (partial) For the Month Ended April 30, 2017 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,700 Accounts Receivable 8,100 Prepaid Rent 2,400 Equipment 23,300 Accumulated Depreciation-Equip 4,500 Notes Payable 5,500 Accounts Payable 4,700 Owner's Capital 31,450 Owner's Drawings 3,800 Service Revenue 15,400 Salaries and Wages Expense 10,800 Rent Expense 800 Depreciation Expense 650 Interest Expense 50 Interest Payable 50 61,600 61,600 Totals Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit No. 1. Apr. 30 Service Revenue 15400 Income Summary 15400 (To close revenue account) 2. Apr. 30 Income Summary Salaries and Wages Expense 10800 Rent Expense 800 Depreciation Expense 650 Interest Expense 50 (To close expense accounts) 3. Apr. 30 Income Summary Owner's Capital (To close net income / (loss)) 4. Apr. 30 Owner's Capital 3800 Owner's Drawings 3800 (To close drawinas) Post the closing entries. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary (1) 15400 (4) Owner's Capital Prepare a post-closing trial balance at April 30 SAVAGLIA COMPANY Post-Closing Trial Balance Debit Credit Totals A- A tA HA Step by Step Solution
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