The following closing entries were prepared for Greenway Gardening Services regarding the year ended October 31, 2023:
Question:
The following closing entries were prepared for Greenway Gardening Services regarding the year ended October 31, 2023:
Required
1. Prepare an income statement based on the information provided.
2. Calculate the post-closing balance in the capital account at October 31, 2023, given that the adjusted balance on October 31, 2022, was $76,000.
Transcribed Image Text:
2023 Oct. 31 Service Revenue Income Summary To close the revenue account. 31 Income Summary. Depreciation Expense, Gardening Equipment Depreciation Expense, Vehicles Insurance Expense Interest Expense Supplies Expense Telephone Expense Utilities Expense Fuel Expense Wages Expense To close expense accounts. Oct. 31 Grant Greenway, Capital Income Summary To close the Income Summary to capital. 31 Grant Greenway, Capital Grant Greenway, Withdrawals To close withdrawals to capital. 136,000 177,290 41,290 10,000 136,000 9,950 10,600 6,900 340 24,800 1,700 1,800 9,200 112,000 41,290 10,000
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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