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Business
Accounting
Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101   Income Summary 313   Supplies Expense 524 Bal. 500                 Bal. 500     Accounts Receivable 122   Golf Instruction Fees 401   Insurance Expense 535 Bal. 1,500           Bal. 4,000   Bal. 100     Wages Payable 219   Wages Expense 511   Postage Expense 536     Bal. 400   Bal. 800       Bal. 50     Chris Williams, Capital 311   Advertising Expense 512   Gas and Oil Expense 538     Bal. 9,000   Bal. 200       Bal. 150     Chris Williams, Drawing 312   Travel Expense 515   Miscellaneous Expense 549 Bal. 1,000       Bal. 600       Bal. 80       Required: 1.  Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1   DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT   1 20-- Apr. 30           1 2             2 3             3 4 Apr. 30           4 5             5 6             6 7             7 8             8 9             9 10             10 11             11 12             12 13             13 14 Apr. 30           14 15             15 16             16 17 Apr. 30           17 18             18 19             19 2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above. Cash 101 Bal. 500     Accounts Receivable 122 Bal. 1,500     Wages Payable 219     Bal. 400 Chris Williams, Capital 311 Closing   Bal. 9,000     Closing       Bal.   Chris Williams, Drawing 312 Bal. 1,000 Closing   Income Summary 313 Closing   Closing   Closing       Golf Instruction Fees 401 Closing   Bal. 4,000 Wages Expense 511 Bal. 800 Closing   Advertising Expense 512 Bal. 200 Closing   Travel Expense 515 Bal. 600 Closing   Supplies Expense 524 Bal. 500 Closing   Insurance Expense 535 Bal. 100 Closing   Postage Expense 536 Bal. 50 Closing   Gas and Oil Expense 538 Bal. 150 Closing   Miscellaneous Expense 549 Bal. 80 Closing

Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101   Income Summary 313   Supplies Expense 524 Bal. 500                 Bal. 500     Accounts Receivable 122   Golf Instruction Fees 401   Insurance Expense 535 Bal. 1,500           Bal. 4,000   Bal. 100     Wages Payable 219   Wages Expense 511   Postage Expense 536     Bal. 400   Bal. 800       Bal. 50     Chris Williams, Capital 311   Advertising Expense 512   Gas and Oil Expense 538     Bal. 9,000   Bal. 200       Bal. 150     Chris Williams, Drawing 312   Travel Expense 515   Miscellaneous Expense 549 Bal. 1,000       Bal. 600       Bal. 80       Required: 1.  Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1   DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT   1 20-- Apr. 30           1 2             2 3             3 4 Apr. 30           4 5             5 6             6 7             7 8             8 9             9 10             10 11             11 12             12 13             13 14 Apr. 30           14 15             15 16             16 17 Apr. 30           17 18             18 19             19 2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above. Cash 101 Bal. 500     Accounts Receivable 122 Bal. 1,500     Wages Payable 219     Bal. 400 Chris Williams, Capital 311 Closing   Bal. 9,000     Closing       Bal.   Chris Williams, Drawing 312 Bal. 1,000 Closing   Income Summary 313 Closing   Closing   Closing       Golf Instruction Fees 401 Closing   Bal. 4,000 Wages Expense 511 Bal. 800 Closing   Advertising Expense 512 Bal. 200 Closing   Travel Expense 515 Bal. 600 Closing   Supplies Expense 524 Bal. 500 Closing   Insurance Expense 535 Bal. 100 Closing   Postage Expense 536 Bal. 50 Closing   Gas and Oil Expense 538 Bal. 150 Closing   Miscellaneous Expense 549 Bal. 80 Closing

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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Closing Entries (Net Income)

Use the following partial listing of T accounts to complete this exercise.


Cash
101		   Income
Summary
313		   Supplies
Expense
524
Bal. 500                 Bal. 500    


Accounts
Receivable
122		   Golf Instruction
Fees
401		   Insurance
Expense
535
Bal. 1,500           Bal. 4,000   Bal. 100    


Wages
Payable
219		   Wages
Expense
511		   Postage
Expense
536
    Bal. 400   Bal. 800       Bal. 50    


Chris
Williams,
Capital

311		  
Advertising
Expense

512		   Gas and
Oil
Expense

538
    Bal. 9,000   Bal. 200       Bal. 150    


Chris
Williams,
Drawing

312		  
Travel
Expense

515		  
Miscellaneous
Expense

549
Bal. 1,000       Bal. 600       Bal. 80    

 


Required:

1.  Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts.

Page: 1
  DATE ACCOUNT TITLE DOC.
NO.		 POST.
REF.		 DEBIT CREDIT  
1 20--
Apr. 30		           1
2             2
3             3
4 Apr. 30           4
5             5
6             6
7             7
8             8
9             9
10             10
11             11
12             12
13             13
14 Apr. 30           14
15             15
16             16
17 Apr. 30           17
18             18
19             19

2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above.

Cash 101
Bal. 500    


Accounts Receivable 122
Bal. 1,500    


Wages Payable 219
    Bal. 400


Chris Williams, Capital 311
Closing   Bal. 9,000
    Closing  
    Bal.  


Chris Williams, Drawing 312
Bal. 1,000 Closing  


Income Summary 313
Closing   Closing  
Closing      


Golf Instruction Fees 401
Closing   Bal. 4,000


Wages Expense 511
Bal. 800 Closing  


Advertising Expense 512
Bal. 200 Closing  


Travel Expense 515
Bal. 600 Closing  


Supplies Expense 524
Bal. 500 Closing  


Insurance Expense 535
Bal. 100 Closing  


Postage Expense 536
Bal. 50 Closing  


Gas and Oil Expense 538
Bal. 150 Closing  


Miscellaneous Expense 549
Bal. 80 Closing  
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