Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Bal. Bal. (1) Bal. (2) (3) (4) Salaries and Wages Expense 25100 Supplies Expense 7900 52000 Service Revenue 1400 (2) Owner's Drawings 33000 (2) 19000 Bal. Income Summary 1400 (4) (1) Bal. Owner's Capital Bal. (3) Bal. 25100 7900 52000 1400 52000 29700 19000 47300

Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Bal. Bal. (1) Bal. (2) (3) (4) Salaries and Wages Expense 25100 Supplies Expense 7900 52000 Service Revenue 1400 (2) Owner's Drawings 33000 (2) 19000 Bal. Income Summary 1400 (4) (1) Bal. Owner's Capital Bal. (3) Bal. 25100 7900 52000 1400 52000 29700 19000 47300

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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