Question

Selected accounts for Nina's Salon are presented below. All June 30postings are from closing entries.

Salaries Expense					Service Revenue
6/10	3,200	6/30	8,800		6/30	15,100	6/15	6,700
6/28	5,600						6/24	8,400

Retained Earnings					Supplies Expense
6/30	2,500	6/1	12,000		6/12	600	6/30	1,300
		6/30	2,000		6/24	700
		Bal.	11,500

Rent Expense					Dividends
6/1	3,000	6/30	3,000		6/13	1,000	6/30	2,500
					6/25	1,500

Instructions

(a) Prepare the closing entries that were made. (For multiple debit/credit entries, listamounts from largest to smallest eg 10, 5, 3, 2.)

Description/Account	Debit	Credit
SuppliesExpenseRent ExpenseRetained EarningsDividendsService RevenueIncomeSummarySalaries Expense
ServiceRevenueDividendsSalaries ExpenseSupplies ExpenseRentExpenseRetained EarningsIncome Summary
(To closerevenue.)
ServiceRevenueSupplies ExpenseRent ExpenseSalaries ExpenseRetainedEarningsDividendsIncome Summary
SuppliesExpenseService RevenueRent ExpenseRetained EarningsIncomeSummaryDividendsSalaries Expense
RetainedEarningsService RevenueDividendsRent ExpenseIncome SummarySalariesExpenseSupplies Expense
SuppliesExpenseDividendsService RevenueRetained EarningsIncomeSummarySalaries ExpenseRent Expense
(To closeexpenses.)
DividendsRetainedEarningsSupplies ExpenseIncome SummaryService RevenueSalariesExpenseRent Expense
RetainedEarningsRent ExpenseSalaries ExpenseService RevenueSuppliesExpenseIncome SummaryDividends
(To close netincome to retained earnings.)
ServiceRevenueDividendsRent ExpenseRetained EarningsIncome SummarySalariesExpenseSupplies Expense
RetainedEarningsIncome SummaryRent ExpenseSalaries ExpenseSuppliesExpenseDividendsService Revenue
(To closedividends to capital.)

(b) Post the closing entries to Income Summary.

Income Summary
June 30		June 30
June30	2,000

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