Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected accounts for Sunland's Salon are presented below. All June 30 postings are from closing entries. A-Prepare the closing entries that were made. B- Post

Selected accounts for Sunland's Salon are presented below. All June 30 postings are from closing entries. A-Prepare the closing entries that were made.

image text in transcribed

image text in transcribed

B- Post closing entries to Income Summary.

image text in transcribed

SOURCES ing Exercise 4-11 a-b Selected accounts for Sunland's Salon are presented below. All June 30 postings are from clo Salaries and Wages Expense 6/10 by Study 6/28 2,500 5,210 7,7106/30 Supplies Expense Bal. 7,710 6/12 520 6/24 750 Bal. 1,270 6/30 1,270 Service Revenue 6/15 9,200 8,000 6/24 6/30 17,200 6/1 17,200 Bal. Rent Expense 3,060 3,060 6/30 Owner's Capital 2,120 6/1 Bal. 3,060 6/30 6/30 Bal. 11,900 5,160 14,940 Owner's Drawings 6/13 500 6/25 Bal. 1,620 2,1206/30 2,120 Prepare the dosing entries that were made. (Credit account titles are automatically indente Debit Credit Date Account Titles and Explanation June 30 (To close revenue account) June 30 Prepare the closing entries that were made. (Credit account titles are automatically indented when ama Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To dose expense account) June 30 (To close net income / (loss)) June 30 (To close drawings) SHOW LIST OF ACCOUNTS LINK TO TEXT Post the closing entries to Income Summary. (Post entries in the order of journal en Income Summary Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT

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

More Books

Students also viewed these Accounting questions

Question

=+ the need to improve parking facilities on campus

Answered: 1 week ago