Question

Show the effects of the transactions in SE3, SE4, SE5, and SE6 by entering beginning balances in appropriate T accounts and recording the transactions. Assume that the P. Mehta, Capital account had a beginning balance of $1,300.
In SE3, Assume that at the end of the accounting period there are credit balances of $3,400 in Patient Services Revenues and $1,800 in Laboratory Fees Revenues. Prepare the required closing entry. The accounting period ends December 31.
In SE4, Assume that debit balances at the end of the accounting period are $1,400 in Rent Expense, $1,100 in Wages Expense, and $500 in Other Expenses. Prepare the required closing entry. The accounting period ends December 31.
In SE5, Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the journal entry to close the Income Summary account to the P. Mehta, Capital account. The accounting period ends December 31.
In SE6, Assuming that withdrawals during the accounting period were $800, prepare the journal entry to close the P. Mehta, Withdrawals account to the P. Mehta, Capital account. The accounting period ends December 31.



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  • CreatedMarch 26, 2014
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