The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service...

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The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Bal. Salaries and Wages Expense 25,300 Supplies Expense (2) 7,300 (1) Service Revenue 51,000 Owner's Drawings (4) 2,700 Income Summary (3) 2,700 Owner's Capital (3) 51,000 (1) 51,000 (2) 32,600 (3) 32,600 The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Bal. Salaries and Wages Expense 25,300 Supplies Expense (2) 7,300 (1) Service Revenue 51,000 Owner's Drawings (4) 2,700 Income Summary (3) 2,700 Owner's Capital (3) 51,000 (1) 51,000 (2) 32,600 (3) 32,600

Answer rating: 100% (QA)

Based on the information provided the closing entries for the revenue acc... View the full answer