E4-11 - Description/Account Debit Credit Service Revenue...

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Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries. Salaries Expense Service Revenue 6/10 3,200 6/30 8,800 6/30 15,100 6/15 6,700 6/28 5,600 6/24 8,400 Retained Earnings Supplies Expense 6/30 2,500 6/1 12,000 6/12 600 6/30 1,300 6/30 2,000 6/24 700 Bal. 11,500 Rent Expense Dividends 6/1 3,000 6/30 3,000 6/13 1,000 6/30 2,500 6/25 1,500 Instructions (a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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Unformatted text preview: Description/Account Debit Credit Service Revenue 15100 Income Summary 15100 (To close revenue.) Income Summary 13100 Salaries Expense 8800 Rent Expense 3000 Supplies Expense 1300 (To close expenses.) Income Summary 2000 Retained Earnings 2000 (To close net income to retained earnings.) Retained Earnings 2500 Dividends 2500 (To close dividends to capital.) (b) Post the closing entries to Income Summary. Income Summary June 30 13100 June 30 15100 June 30 2,000 15100 15100...
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E4-11 - Description/Account Debit Credit Service Revenue...

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