Ester's Custom Framing has journalized its adjusting entries and prepared its adjusted trial balance. Prepare the...

 

 

 

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Ester's Custom Framing has journalized its adjusting entries and prepared its adjusted trial balance. Prepare the closing entries using the income summary account for the month of May. Ester's Custom Framing Adjusted Trial Balance May 31, 2022 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Bank Loan Ester, Capital Ester, Withdrawals Service Revenue Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Salaries Expense Telephone Expense Total DR $8,620 $2,860 $2,740 $23,810 $3,020 CR $1,820 $3,470 $100 $1,910 $5,470 $23,060 $9,880 $270 $180 $100 $210 $1,240 $2,360 $300 $45,710 $45,710 Do not enter dollar signs or commas in the input boxes. When closing accounts, use the income.summary method. Ear the closing of the expense.accounts, enter the expense accounts in alphabetical order. Account Title and Explanation Date 2022 May 31 May 31 Close revenue accounts Close expense accounts # * . • . • . # # $ Debit Credit Competang May 31 May 31 Close expense accounts <Þ Close income summary account Close owner's drawings <> <Þ < Ester's Custom Framing has journalized its adjusting entries and prepared its adjusted trial balance. Prepare the closing entries using the income summary account for the month of May. Ester's Custom Framing Adjusted Trial Balance May 31, 2022 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Bank Loan Ester, Capital Ester, Withdrawals Service Revenue Depreciation Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Salaries Expense Telephone Expense Total DR $8,620 $2,860 $2,740 $23,810 $3,020 CR $1,820 $3,470 $100 $1,910 $5,470 $23,060 $9,880 $270 $180 $100 $210 $1,240 $2,360 $300 $45,710 $45,710 Do not enter dollar signs or commas in the input boxes. When closing accounts, use the income.summary method. Ear the closing of the expense.accounts, enter the expense accounts in alphabetical order. Account Title and Explanation Date 2022 May 31 May 31 Close revenue accounts Close expense accounts # * . • . • . # # $ Debit Credit Competang May 31 May 31 Close expense accounts <Þ Close income summary account Close owner's drawings <> <Þ <

Answer rating: 100% (QA)

1 Close revenue accounts Date Account Dr Cr 20220531 Service Revenues 9880 Incom... View the full answer