Question
Please help me understand. I am not an accounting major and professor is out until wednesday for new years holiday. The ledger of Sandhill Company
Please help me understand. I am not an accounting major and professor is out until wednesday for new years holiday.
The ledger of Sandhill Company contains the following balances: Owner's Capital $31,100, Owner's Drawings $2,800, Service Revenue $49,000, Salaries and Wages Expense $26,300, and Supplies Expense $7,500. The closing entries are as follows:
| (1) | Close revenue accounts. | |
| (2) | Close expense accounts. | |
| (3) | Close net income/(loss). | |
| (4) | Close drawings. |
Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.
| Salaries and Wages Expense | |||
|---|---|---|---|
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| Supplies Expense | |||
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| Service Revenue | |||
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| Owner's Drawings | |||
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| Income Summary | |||
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| select an option Bal.(1)(2)(3)(4)Total | enter a debit balance | select an option Bal.(1)(2)(3)(4)Total | enter a credit balance |
| Owner's Capital | |||
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| select an option Bal.(1)(2)(3)(4)Total | enter a debit amount | select an option Bal.(1)(2)(3)(4)Total | enter a credit amount |
| select an option Bal.(1)(2)(3)(4)Total | enter a debit balance | select an option Bal.(1)(2)(3)(4)Total | enter a credit balance |
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
