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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary
Transcribed Image Text:Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary
Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 6/28 Bal. 6/12 6/24 Bal. 6/30 6/1 Bal. 6/30 Supplies Expense 6/13 6/25 2,700 Bal. 5,440 8,140 6/30 8,140 590 890 1,480 6/30 1,480 Service Revenue m 18,300 Bal. 18,300 3,440 Rent Expense 6/15 9,600 6/24 8,700 3,440 6/30 Owner's Capital 2,240 6/1 11,900 1,400 840 6/30 3,440 5,240 Owner's Drawings Bal. 14,900 2,240 6/30 2,240
Transcribed Image Text:Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 6/28 Bal. 6/12 6/24 Bal. 6/30 6/1 Bal. 6/30 Supplies Expense 6/13 6/25 2,700 Bal. 5,440 8,140 6/30 8,140 590 890 1,480 6/30 1,480 Service Revenue m 18,300 Bal. 18,300 3,440 Rent Expense 6/15 9,600 6/24 8,700 3,440 6/30 Owner's Capital 2,240 6/1 11,900 1,400 840 6/30 3,440 5,240 Owner's Drawings Bal. 14,900 2,240 6/30 2,240
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