The partial work sheet for Emil Consulting for June is as follows: Required 1. Write the owners

The partial work sheet for Emil Consulting for June is as follows:

Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number closing entries 1 through4.

Transcribed Image Text:

BALANCE SHEET -I ACCOUNT NAME 7 Cash INCOME STATEMENT DEBIT CREDIT DEBIT CREDIT 6,000.00 Supplies Prepaid Insurance 104.00 1.344.00 6,751.0021200 10Equipment 11Accumulated Depreciation, Equipment 1Acoounts Payatle 13 WEmil, Capital 1.356.00 5,367.00 4WEml Drawing 15 Consuiting Fees 1.700.00 9.546.00 16 Rent Expense 1,800.00 1,533.00 168.00 Wages Expense 1Misoellanecus Expense ー20ー!Supplies Expense 365.00 364.00 700.00 Insurance Expense 22Depreciation Expenee, Equipment 23 Wages Payable 348.00 11,283.00 4.616.00 15,899,00 8900060015.899.00 e income 4,61600 9,546.00