The following information relates to TipTopTea for the year ended 30 June 2020. Accounts payable 82,500...

 

Transcribed Image Text:

The following information relates to TipTopTea for the year ended 30 June 2020. Accounts payable 82,500 Accounts receivable 7,500 Accumulated depreciation- Equipment 11,800 Bank Loan (due in 2025) 38,000 Capital 105,400 Cash at bank 186,400 Depreciation expense-Equipment 8,600 Drawings 4,000 Electricity expense 7,500 Equipment 180,000 Prepaid rent 16,500 Rent expense 32,000 Service revenue 282,600 Supplies 3,900 Unearned revenue 19,200 Wages expense 135,400 Wages payable 42,500 Required; Prepare the closing entries for TipTopTea as at 30 June 2020. Narrations are required. (5 marks) The following information relates to TipTopTea for the year ended 30 June 2020. Accounts payable 82,500 Accounts receivable 7,500 Accumulated depreciation- Equipment 11,800 Bank Loan (due in 2025) 38,000 Capital 105,400 Cash at bank 186,400 Depreciation expense-Equipment 8,600 Drawings 4,000 Electricity expense 7,500 Equipment 180,000 Prepaid rent 16,500 Rent expense 32,000 Service revenue 282,600 Supplies 3,900 Unearned revenue 19,200 Wages expense 135,400 Wages payable 42,500 Required; Prepare the closing entries for TipTopTea as at 30 June 2020. Narrations are required. (5 marks)

Answer rating: 100% (QA)

Answer Requirement asked Closing Entries Date Accounts title Debit Credit 30Jun Service Revenue 282600 Income Summary 282600 to close revenues 30Jun I... View the full answer