Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected accounts for Blossom's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 2,500 6/28 5,000
Selected accounts for Blossom's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 2,500 6/28 5,000 Bal. 7,500 6/30 7,500 Supplies Expense 6/12 300 6/24 600 Bal. 900 6/30 900 Service Revenue 6/15 8,500 6/24 8,000 6/30 16,500 | Bal. 16,500 Rent Expense 6/1 2,500 Bal. 2,500 6/30 2,500 Owner's Capital 6/30 2,000 6/1 11,500 6/30 5,600 Bal. 15,100 Owner's Drawings 6/13 500 6/25 1,500 Bal. 2,000 6/30 2,000 (a) Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation June 30 June 30 (To close revenue account) June 30 (To close expense account) June 30 (To close net income/(loss)) (To close drawings) Debit Credit
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