Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Owner's Capital Date Explanation July 31 July 31 July 31 July 31 July 31 Balance Date Explanation July 31 Close entry Close entry Close entry Close entry Close entry v Debit Income Summary Debit Credit Credit No. 301 Balance Balance No. 350 Date Account Titles and Explanation July 31 July 31 July 31 July 31 Service Revenue Income Summary (To close revenue accounts) Income Summary Depreciation Expense Salaries and Wages Expense Utilities Expense (To close expense accounts) Owner's Capital Income Summary (To close net income / (loss)) Owner's Capital Owner's Drawings Debit 63800 79500 15700 16400 Credit 63800 8400 56500 14600 []}] 15700 16400 No. 101 Cash 400 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equipment 201 Accounts Payable 301 Owner's Capital 306 Owner's Drawings Service Revenue 711 726 Sunland Company Adjusted Trial Balance July 31, 2022 732 Account Titles Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $10,200 8,700 16,400 16,400 8,400 56,500 14,600 Credit $8,000 4,600 54,800 63,800 $131,200 $131,200 Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Owner's Capital Date Explanation July 31 July 31 July 31 July 31 July 31 Balance Date Explanation July 31 Close entry Close entry Close entry Close entry Close entry v Debit Income Summary Debit Credit Credit No. 301 Balance Balance No. 350 Date Account Titles and Explanation July 31 July 31 July 31 July 31 Service Revenue Income Summary (To close revenue accounts) Income Summary Depreciation Expense Salaries and Wages Expense Utilities Expense (To close expense accounts) Owner's Capital Income Summary (To close net income / (loss)) Owner's Capital Owner's Drawings Debit 63800 79500 15700 16400 Credit 63800 8400 56500 14600 []}] 15700 16400 No. 101 Cash 400 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equipment 201 Accounts Payable 301 Owner's Capital 306 Owner's Drawings Service Revenue 711 726 Sunland Company Adjusted Trial Balance July 31, 2022 732 Account Titles Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $10,200 8,700 16,400 16,400 8,400 56,500 14,600 Credit $8,000 4,600 54,800 63,800 $131,200 $131,200
Expert Answer:
Answer rating: 100% (QA)
1 Post the entries to the Owners Capital and Income Summary accounts Close entry to transfer Service ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
ABC company manufactures three grades of paint Venus, Diana and Aurora. The plant operates on a three-shift basis and the following data is available from the production records Grade Venus Diana...
-
The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 132 units e s38 390 units e $57 Ending inventory consisted of 50 units. Mason sold 472 units at...
-
We are considering hiring a catering company. Currently, we are preparing meals for employees. The following is the cost of preparing a meal: Food $3.00 Labor 2.00 Fixed overhead 1.00 Total $6.00 The...
-
In Problems 3944, make the indicated conversions. a. 1 mm b. 1 mm = c. 1 m d. 1 m = m mm cm km
-
1) The entry to record the return of merchandise from a customer would include a a. Debit to Sales b. Debit to Customer Refunds Payable c. Credit to Sales d. Debit to Estimated Returns Inventory 2)...
-
Write the given system without the use of matrices. 5 -9 /7 X' = |4 5 8' 1 1 e X + 2 -21 0 Je 10 -2 3, 3.
-
For Problem 6.8, (a) Fit the corresponding negative binomial model with the same linear predictor. (b) Compare the analysis between part (a) and that from Problem 6.8. 6.8 For the Sexual Health pilot...
-
Green Day Hardware Companys payroll for November 2014 is summarized below. At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply....
-
With what group of others do you most closely identify? Those from your home town? Those of your same sex? Religion? Race? Income level? IQ level? Who are the people with whom you feel most relaxed?...
-
Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J....
-
Was General MacArthur doing the right thing when he took his staff away with him to safety in Australia, or should he have taken wounded soldiers or U.S. Army nurses instead?
-
A professional association in the Niagara Region would like to develop a database to maintain data about its members. The Association collects the data indicated in the following table on each...
-
find & (sin (e)) d
-
Give a critical analysis of Sainsbury's STP strategy and value proposition
-
1 Description The project will be implemented as three separate programs. There will be a logger - responsible for logging all activity. There will be an encryption program - responsible for...
-
1. Assume Gracie Stock provides an actual return of 8.5%. The covariance between Gracie and the market portfolio is 0.0354 and the standard deviation of the market portfolio is 0.2324. Assume the...
-
a) Estimate the bulk density, assuming the soils do not swell or shrink. b) Estimate the volume and mass wetness at FC, PWP and calculate AWC (mm) per 1 m depth
-
Question 6.10 Current and deferred tax worksheets and tax entries From the hip Ltd?s statement of profit or loss for the year ended 30 June 2007 and extracts from its statements of financial position...
-
On September 14, 2012, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $35,000, and Jay uses the...
-
Quince Interests is a partnership with a tax year that ends September 30, 2012. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership...
-
Larry Gaines, age 42, sells his personal residence on November 12, 2012, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of...
-
The marginal tax rate on a corporate income of \(\$ 87,000\) is closest to which of the following? a. 15 percent b. 20.5 percent c. 25 percent d. 34 percent
-
Calculate the corporate income tax for each of the following corporate taxable incomes. For each, determine the effective (average) tax rate and the marginal tax rate. a. $12,000 b. $65,000 c....
-
True or False: If the same amount of money is invested in something that can be expensed as in something that must be depreciated (and both provide the same annual returns) then you should choose the...
Study smarter with the SolutionInn App