Chapter 4 - E4-7Correct. Emil Skoda Company had the...

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Unformatted text preview: E4-7Correct. Emil Skoda Company had the following adjusted trial balance. EMIL SKODA COMPANYAdjusted Trial Balancefor the Month Ended June 30, 2008Adjusted Trial BalanceAccount TitlesDebitsCreditsCash$3,712Accounts Receivable 3,904Supplies480Accounts Payable$1,792Unearned Revenue160Emil Skoda, Capital5,760Emil Skoda, Drawing300Service Revenue4,064Salaries Expense1,344Miscellaneous Expense256Supplies Expense2,228Salaries Payable448$12,224$12,224Instructions(a)Prepare closing entries at June 30, 2008. (For multiple debit/credit entries list in descending order of amounts.)Description/AccountDebitCreditService Revenue4064 Income Summary4064 (To close revenue.)Income Summary3828 Suppies Expense2228 Salaries Expense1344 Miscellaneous Expense256 (To close expenses.)Income Summary236 Emil Skoda, Capital236 (To close net income to capital.)Emil Skoda, Capital300 Emil Skoda, Drawing300 (To close drawings to capital.)(b)Prepare a post-closing trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)EMIL SKODA COMPANYPost-Closing Trial Balancefor the Month Ended June 30, 2008Adjusted Trial BalanceAccount Titles...
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Chapter 4 - E4-7Correct. Emil Skoda Company had the...

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