Accounting E4-11, E4-13, P4-4A - E4-11(a Prepare closing...

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Unformatted text preview: E4-11 (a) Prepare closing entriesDateAccount Titles & ExplanationRef.DebitClosing Entries30-Jun Service Revenue15,100Income Summary(to close revenue account)30 Income Summary13,100Salaries ExpenseSupplies ExpenseRent Expense(To close expense accounts)30 Income Summary2,000Nina Cole, Capital(To close net income to capital)30 Nina Cole, Capital2,500Nina Cole, Drawing(To close drawings to capital)Credit15,1008,8001,3003,0002,0002,500E4-11 (b) Post closing entries to income summaryNina's SalonIncome Statement For the Month Ended June 30RevenuesService revenue ($6,700 + $8,400)ExpensesSalaries expense$8,800 Supplies expense1,300 Rent expense3,000 Total expensesNet income$15,100 13,100 $2,000 E4-13Prepare correcting entriesDateCorrecting EntryRef.DebitCreditAccounts Payable630Accounts Payable360(To correct accounts payable)Cash360Cash630(To correct cash)DateCorrecting EntryRef.DebitCreditEquipment560 Equipment56(To correct Equipment)Accounts Payable56 Accounts Payable560(To correct accounts payable)DateCorrecting EntryRef.DebitCreditCash400 Salaries Expense400M. Mason's, Drawing400 Cash400P4-4A (a)...
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This note was uploaded on 03/28/2011 for the course ACCOUNTING 101 taught by Professor Bob during the Spring '10 term at Rowan-Cabarrus Community College.

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Accounting E4-11, E4-13, P4-4A - E4-11(a Prepare closing...

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