Selected accounts for Michelles Salon are presented below. All June 30 postings are from closing entries. Instructions
Question:
Instructions
(a) Prepare the closing entries that were made.
(b) Post the closing entries to IncomeSummary.
Transcribed Image Text:
Salaries and Wages Expense Service Revenue Retained Earnings 6/10 3,200 6/30 8,800 6/30 18,100 6/15 9,700 6/30 2,200 6 12,000 6/30 5,400 Bal 15,200 6/28 5,600 6/24 8,400 Supplies Expense Rent Expense Dividends 6/12 600 6/30 900 61 6/24 300 3,000 6/30 3,0006/1 ,000 30 2.200 6/25 1,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
a June 30 Service Revenue 18100 Income Summary ...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Selected accounts for Nina??s Salon are presented below. All June 30 postings are from closing entries. Instructions(a) Prepare the closing entries that were made.(b) Post the closing entries to...
-
Selected accounts for Tamoras Salon are presented below. All June 30 postings are from closing entries. Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to...
-
Company A gives TL1.200 loan to a customer on 1 November 2015. The customer signed 6 months, 5% promissory note. Assume that interest revenue was properly accrued on December 31, 2015 for Company A...
-
Write a program that finds a contiguous subarray of length at most \(m\) in an array of \(n\) long integers that has the highest average value among all such subarrays, by trying all subarrays. Use...
-
Using the IS-LM framework, analyze whether an increase in the instability of the money demand function would increase or decrease the desirability of intermediate targeting a monetary aggregate?
-
Solve each equation or inequality. S = Id k for d
-
Early Start Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during February: Requirements: 1. Post each of...
-
In January 2014, the management of Weast Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following...
-
a) i] Define the term management? [1 marks] ii] Managers must have specific skills and play certain roles in organizations if they are to inspire employees to meet organizational objectives; explain...
-
Brightcove, Inc. acquires all of the stock of Ciber, Inc. for $112.5 million in cash and accounts for the acquisition as a stock acquisition. Balance sheet information at the date of acquisition is...
-
Patrick Kellogg has prepared the following list of statements about the accounting cycle. 1. "Journalize the transactions" is the first step in the accounting cycle. 2. Reversing entries are a...
-
Joshua Company discovered the following errors made in January 2014. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2. A collection...
-
Coa Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Coa signed a 10-month lease on a...
-
J. Hill has the following assets and liabilities on 30 November 2016: Accounts payable 2,800; Equipment 6,200; Car 7,300; Inventory 8,100; Accounts receivable 4,050; Cash at bank 9,100; Cash in hand...
-
Write up the asset, capital and liability accounts in the books of D. Gough to record the following transactions: 2016 June 1 Started business with 16,000 in the bank. 2 Bought van paying by cheque...
-
You are required to open the asset and liability and capital accounts and record the following transactions for June 2017 in the records of P. Bernard: 2017 June 1 Started business with 17,500 in...
-
The last half of the twentieth century saw great change in the role of women in New Zealand society. These changes included education, employment, family formation, and fertility, where women took...
-
The table below shows the use of labor and capital in the caviar industry of Beluga for two particular years. Also shown is the output of caviar and water pollution. Caviar output is shown in...
-
Sketch an orbital contour that is expected for an electron that has n = 3 and = 2.
-
What are the two methods used to translate financial statements and how does the functional currency play a role in determining which method is used?
-
Solve the systems in Problems 27-54 by solving the corresponding matrix equation with an inverse, if possible. \(\left\{\begin{array}{l}6 x+y+20 z=14 \\ x-y=1 \\ y+3 z=1\end{array}ight.\)
-
In general, what are the requirements for the financial statement presentation of long-term liabilities?
-
In general, what are the requirements for the financial statement presentation of long-term liabilities?
-
Laura Hiatt is discussing the advantages of the effective interest method of bond amortization with her accounting staff. What do you think Laura is saying?
-
Shaw Company has the following account balances: Receivables $ 1 0 0 , 0 0 0 Inventory 1 5 0 , 0 0 0 Land 1 0 0 , 0 0 0 Building net 2 5 0 , 0 0 0 Liabilities 1 0 0 , 0 0 0 Common stock 1 0 0 , 0 0 0...
-
Mizan Corporation, a manufacturing company, prepares its financial statements annually. During the last month of the fiscal year, Mizan experiences a significant surge in sales. The sales team closes...
-
A firm uses job - order costing. Current period facts: Actual overhead: $ 1 0 4 , 6 8 8 Applied overhead: $ 1 0 4 , 9 0 5 Budgeted overhead: $ 1 0 8 , 6 9 8 COGS balance ( before closing ) : $ 3 9 0...
Study smarter with the SolutionInn App