Selected T accounts for Welker Training Services follow. The May 31 postings include both adjusting and closing entries.

Instructions
(a) Using the above information, and without doing any calculations, what was the company's profit or loss for May? Indicate how you determined this amount.
(b) What is total owner's equity at May 31?
(c) Prepare the closing entries that were made.
(d) Post the closing entries to the Income Summary.

Transcribed Image Text:

L. Welker, Capital Advertising Expense May1 B ,000 May1 31 May 31 2,500 31 3,700 700 May 31 1,300 May 31 Ba 12,200 May 31 Bal. L. Welker, Drawings 1,000 May 31 Rent Expense 3,000 May 31 May 13 2.500 May 1 3,000 25 May 31 Bal. May 31 Bal. 0 Service Revenue Salaries Expense May 15 31 14,500 May 1 2,300 7,200 1,600 May 31 May 31 16,800 31 8,800 May 31 Bal. 0 May 31 Bal.