The partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record

The partial work sheet for Ho Consulting for May 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 the closing entries 1 through4.

INCOME STATEMENT DEBIT BALANCE SHEET 6 7 Cash ACCOUNT NAME CREDIT DEBIT CREDIT 5,710.00 Supplies 209.00 1.123.00 5,731.00 Prepaid Insuranoe 1 Equipment 11 Accumulated Depreciation. Equipment 12Accounts Payatle 13 1.444.00 1,841.00 4.302.00 G. Ho. Capital 14 G. Ho. Drawing 2,400.00 15 Consuting Revenue 16 Rent Expense 17 Wages Expense 18 Supplies Expense 19 Miscellaneous Expense 13,060.00 2,200.00 1,828.00 422.00 230.00 20 21Insurance Expense 22 Depreciation Expense, Equipment 23 Wages Payable 325.00 835.00 5,840.00 18.060.000 15,73.00 7.983.00 24 13,060.00 7,953.00 7.220.00 15,173.00 25 Net Income 26 27 13,060.00 13,060.00 15,173.00 >n.. Sheet1 ' Sheet2 7 Sheets H