Question
The ledger of Whispering Winds Company contains the following balances: Retained Earnings $28,000, Dividends $1,500, Service Revenue $51,500, Salaries and Wages Expense $29,000, and Supplies
The ledger of Whispering Winds Company contains the following balances: Retained Earnings $28,000, Dividends $1,500, Service Revenue $51,500, Salaries and Wages Expense $29,000, and Supplies Expense $6,000. The closing entries are as follows:
| (1) | Close revenue accounts. | |
| (2) | Close expense accounts. | |
| (3) | Close net income/(loss). | |
| (4) | Close dividends. |
Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.
| Salaries and Wages Expense | |||
|---|---|---|---|
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
| Supplies Expense | |||
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
| Service Revenue | |||
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
| Dividends | |||
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
| Income Summary | |||
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
| Retained Earnings | |||
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit amount | select an option Bal.(1)(2)(3)(4) | enter a credit amount |
| select an option Bal.(1)(2)(3)(4) | enter a debit balance | select an option Bal.(1)(2)(3)(4) | enter a credit balance |
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
