Question
The ledger of Duston Company contains the following balances: Owner's Capital $30,000, Owner's Drawings $2,000, Service Revenue $58,000, Salaries and Wages Expense $39,000, and Supplies
The ledger of Duston Company contains the following balances: Owner's Capital $30,000, Owner's Drawings $2,000, Service Revenue $58,000, Salaries and Wages Expense $39,000, and Supplies Expense $7,000.
The closing entries are as follows:
(1)Close revenue accounts.
(2)Close expense accounts.
(3)Close net income/(loss).
(4)Close drawings.
Post the closing entries in the order presented in the problem and use the numbers as a reference.
Salaries and Wages Expense
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Supplies Expense
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Service Revenue
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Owner's Drawings
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Income Summary
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Owner's Capital
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
Bal.
(1)
(2)
(3)
(4)
Total
please give an explaintion on which number to select and why
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
