The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue...
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The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue V18,868, Salaries and Wages Expense ¥10,176, Maintenance and Repairs Expense ¥2,650, and Net Income V6,042. Your answer is partially correct. Prepare the entries to close the revenue and expense accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation 18,868 July 31 Service Revenue 18,868 Income Summary (To close revenue account) 12,826 July 31 Income Summary 10,176 Salaries and Wages Expense 2.650 Maintenance and Repairs Expense (To close expense accounts) Service Revenue Date Explanation Ref. Debit Credit Balance 18,868 18,868 7/31 Balance 7/31 Closing entry 18,868 Salaries and Wages Expense Debit Credit Balance Date Explanation Ref. 10,176 10,176 7/31 Balance 10,176 7/31 Closing entry Maintenance and Repairs Expense Credit Balance Debit Date Explanation Ref. 2,650 2,650 7/31 Balance 2,650 7/31 Closing entry The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue V18,868, Salaries and Wages Expense ¥10,176, Maintenance and Repairs Expense ¥2,650, and Net Income V6,042. Your answer is partially correct. Prepare the entries to close the revenue and expense accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation 18,868 July 31 Service Revenue 18,868 Income Summary (To close revenue account) 12,826 July 31 Income Summary 10,176 Salaries and Wages Expense 2.650 Maintenance and Repairs Expense (To close expense accounts) Service Revenue Date Explanation Ref. Debit Credit Balance 18,868 18,868 7/31 Balance 7/31 Closing entry 18,868 Salaries and Wages Expense Debit Credit Balance Date Explanation Ref. 10,176 10,176 7/31 Balance 10,176 7/31 Closing entry Maintenance and Repairs Expense Credit Balance Debit Date Explanation Ref. 2,650 2,650 7/31 Balance 2,650 7/31 Closing entry
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Date Account Titles and Explanation Debit Credit July 31 ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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