b) Post the closing entries (b)Post the closing entries. (Post entries in the order of journal entries posted in the previous part of the question.)Income SummaryOwner's Capital CashAccounts ReceivablePrepaid RentEquipmentAccumulated Depreciation-EquipNotes PayableAccounts PayableOwner's CapitalOwner's DrawingsService RevenueSalaries and Wages ExpenseRent ExpenseDepreciation Expense(a)Interest ExpenseInterest PayableTotalsAccount TitlesYour Answer Correct Answer✓ Your answer is correct.ORIOLE COMPANYWorksheet (partial)For the Month Ended April 30, 20221.2.3.4.Apr.30Apr.30Apr.30Service RevenueNo. Date Account Titles and ExplanationApr.30Income SummaryIncome SummaryRent ExpenseDepreciation ExpenseJournalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Interest ExpenseAdjusted Trial BalanceDr.11,8007,700(To close revenue account)2,100Income Summary23,000Owner's Capital3,60010,600Salarles and Wages ExpenseOwner's CapitalOwner's Drawings70067060,240(To close expense accounts)70(To close net income / (loss))Cr.5,3005,6004,70029,37015,2007060,240Debit152001204031603600Credit15200106007006707031603600

1. T-Accounts - T-Accounts are the T-Shaped account prepared for an individual account. All the…

Cash Accounts Receivable Prepaid Rent Equipment. Accumulated Depreciation-Equip. (a) Notes Payable Accounts Payable Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable Totals Your Answer Correct Answer Account Titles ✓ Your answer is correct. 1. ORIOLE COMPANY Worksheet (partial) For the Month Ended April 30, 2022 2. 3. 4. Apr. 30 Apr. 30 Apr. 30 No. Date Account Titles and Explanation Apr. 30 Service Revenue Income Summary Income Summary Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Rent Expense Depreciation Expense Interest Expense Adjusted Trial Balance Dr. 11,800 (To close revenue account) Income Summary 7,700 2,100 Owner's Capital 23,000 Salarles and Wages Expense 3,600 Owner's Capital 10,600 700 670 Owner's Drawings 60,240 (To close expense accounts) 70 (To close net income / (loss)) Cr. 5,300 5,600 4,700 29,370 15,200 70 60,240 Debit 15200 12040 3160 3600 Credit 15200 10600 700 670 70 3160 3600

Cash Accounts Receivable Prepaid Rent Equipment. Accumulated Depreciation-Equip. (a) Notes Payable Accounts Payable Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable Totals Your Answer Correct Answer Account Titles ✓ Your answer is correct. 1. ORIOLE COMPANY Worksheet (partial) For the Month Ended April 30, 2022 2. 3. 4. Apr. 30 Apr. 30 Apr. 30 No. Date Account Titles and Explanation Apr. 30 Service Revenue Income Summary Income Summary Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Rent Expense Depreciation Expense Interest Expense Adjusted Trial Balance Dr. 11,800 (To close revenue account) Income Summary 7,700 2,100 Owner's Capital 23,000 Salarles and Wages Expense 3,600 Owner's Capital 10,600 700 670 Owner's Drawings 60,240 (To close expense accounts) 70 (To close net income / (loss)) Cr. 5,300 5,600 4,700 29,370 15,200 70 60,240 Debit 15200 12040 3160 3600 Credit 15200 10600 700 670 70 3160 3600

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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Similar questions

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