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he ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense 1. 2. 3. 4. (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 50,000 34,700 15,300 1,200 Credit 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and

he ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense 1. 2. 3. 4. (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 50,000 34,700 15,300 1,200 Credit 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and

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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The ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) 1. 2. 3. 4. Debit Credit 50,000 34,700 15,300 1.200 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and if the post-closing balance is zero, show a zero on the account's normal balance side.
Transcribed Image Text:The ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) 1. 2. 3. 4. Debit Credit 50,000 34,700 15,300 1.200 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and if the post-closing balance is zero, show a zero on the account's normal balance side.
Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and if the post-closing balance is zero, show a zero on the account's normal balance side. Bal. Bal. Bal. 2. 3. Total 4. Salaries and Wages Expense 27200 Supplies Expense 7500 50000 Service Revenue 1200 2. Owner's Drawings 34700 15300 2. V Income Summary 50000 Bal. 1200 Total Owner's Capital Bal. 3. Bal. 27200 7500 50000 1200 50000 50000 15300
Transcribed Image Text:Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and if the post-closing balance is zero, show a zero on the account's normal balance side. Bal. Bal. Bal. 2. 3. Total 4. Salaries and Wages Expense 27200 Supplies Expense 7500 50000 Service Revenue 1200 2. Owner's Drawings 34700 15300 2. V Income Summary 50000 Bal. 1200 Total Owner's Capital Bal. 3. Bal. 27200 7500 50000 1200 50000 50000 15300
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