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papayaprofessorLv10
16 Sep 2022
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Question:Selected accounts for Michelle€™s Salon are presented below. All June 30 postings are from closing entries.
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Instructions
(a) Prepare the closing entries that were made.
(b) Post the closing entries to IncomeSummary.
Question:Selected accounts for Michelle€™s Salon are presented below. All June 30 postings are from closing entries.
Instructions
(a) Prepare the closing entries that were made.
(b) Post the closing entries to IncomeSummary.
Related questions
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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