Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected accounts for Wildhorse's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 3,300 6/28 5,750

Selected accounts for Wildhorse's Salon are presented here. All June 30 postings are from closing entries. Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is 

Selected accounts for Wildhorse's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 3,300 6/28 5,750 Bal. 6/12 6/24 Bal. 6/1 Bal. 9,050 6/30 9,050 6/30 Supplies Expense 480 850 1,330 6/30 1,330 Service Revenue 6/15 6/24 6/30 18,300 Bal. 18,300 Rent Expense 3,240 9,300 9,000 3,240 6/30 3,240 Owner's Capital 2,990 6/1 12,000 6/30 4,680 Bal. 13,690 Owner's Drawings 6/13 500 6/25 2,490 Bal. 2,990 6/30 2,990 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 Date Account Titles and Explanation June 30 June 30 June 30 June 30 Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Supplies Expense (To dose expense account) Income Summary Owner's Capital (To close net income / (loss)) Owner's Capital Owner's Drawings (To close drawings) Debit Credit 00 00 0000 DO DO DON

Step by Step Solution

3.43 Rating (166 Votes )

There are 3 Steps involved in it

Step: 1

Closing entry for Service Revenue The total service revenue is the sum of the amounts posted on June ... 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_2

Step: 3

blur-text-image_3

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 and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

What are the three kinds of research types? Explain each type.

Answered: 1 week ago