POA11e04 - Chapter 4SOLUTIONS Completing the Accounting...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch4 SE1 to SE3 Chapter 4—SOLUTIONS Completing the Accounting Cycle Chapter 4, SE 1. b, f, c, h, e, i, d, a, g Chapter 4, SE 2. Dec. 31 Patient Services Revenues 6,800 Laboratory Fees Revenues 3,600 Income Summary 10,400 To close the credit balance accounts Chapter 4, SE 3. Dec. 31 Income Summary 6,000 Rent Expense 2,800 Wages Expense 2,200 Other Expenses 1,000 To close the debit balance accounts
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Ch4 SE4 to SE6 Chapter 4, SE 4. Dec. 31 Income Summary 4,400 R. Shah, Capital 4,400 To close the Income Summary account Chapter 4, SE 5. Dec. 31 R. Shah, Capital 1,600 R. Shah, Withdrawals 1,600 To close the withdrawals account Chapter 4, SE 6. R. Shah, Capital R. Shah, Withdrawals Dec. 31 1,600 Bal. 1,300 Bal. 1,600 Dec. 31 1,600 Dec. 31 4,400 Bal. Bal. 4,100 Income Summary Patient Services Revenues Dec. 31 6,000 Dec. 31 10,400 Dec. 31 6,800 Bal. 6,800 31 4,400 Bal. Bal. Laboratory Fees Revenues Rent Expense Dec. 31 3,600 Bal. 3,600 Bal. 2,800 Dec. 31 2,800 Bal. Bal. Wages Expense Other Expenses Bal. 2,200 Dec. 31 2,200 Bal. 1,000 Dec. 31 1,000 Bal. Bal.
Background image of page 2
Ch4 SE7 to SE8 Chapter 4, SE 7. Apr. 1 Salaries Payable 360 Salaries Expense 360 To reverse the adjustment for accrued salaries Chapter 4, SE 8. Salaries Expense Salaries Payable Bal. 1,800 Bal. March 31 360 March 31 360 Bal. 2,160 Bal. 360 March 31 2,160 Apr. 1 360 Bal. Bal. Apr. 1 360 Apr. 3 480 Bal. 120
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Ch4 SE9 Chapter 4, SE 9. Closing entries prepared 2011 Dec. 31 Service Revenue 1,300 Income Summary 1,300 To close the credit balance account Income Summary 775 Rent Expense 200 Wages Expense 450 Utilities Expense 100 Telephone Expense 25 To close the debit balance accounts Income Summary 525 C. Mendoza, Capital 525 To close the Income Summary account C. Mendoza, Capital 175 C. Mendoza, Withdrawals 175 To close the Withdrawals account
Background image of page 4
Ch4 SE10 Chapter 4, SE 10. Dec. 31 Repair Revenue 35,860 Income Summary 35,860 To close the credit balance account 31 Income Summary 26,840 Wages Expense 13,260 Rent Expense 2,800 Supplies Expense 6,390 Insurance Expense 1,370 Depreciation Expense, Repair Equipment 3,020 To close the debit balance accounts 31 Income Summary 9,020 T. Jameson, Capital 9,020 To close the Income Summary account 31 T. Jameson, Capital 7,000 T. Jameson, Withdrawals 7,000 To close the Withdrawals account
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Ch4 E1 to E2 Chapter 4, E 1. 1. It is so called because its steps are repeated each accounting period. Step 1 of one period follows Step 6 of the prior period. 2. Since the Income Summary account is used to accumulate a balance that is subsequently transferred to Owner's Capital (Step 3), it would be possible to eliminate the use of the Income Summary account by closing the accounts directly to the Owner's Capital account. 3.
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 59

POA11e04 - Chapter 4SOLUTIONS Completing the Accounting...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online