PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows:
H.
INCOME STATEMENT
BALANCE SHEET
ACCOUNT NAME
DEBIT
CREDIT
DEBIT
CREDIT
Cash
6,000.00
Supplies
Prepaid Insurance
104.00
1,344.00
10 Equipment
Accumulated Depreciation, Equipment
6,751.00
11
Accounts Payable
4,212.00
1,356.00
12
W. Emil, Capital
13
W. Emil, Drawing
15 Consulting Fees
Rent Expense
5,367.00
14
1,700.00
9,546.00
16
17 Wages Expense
Miscellaneous Expense
1,800.00
1,533.00
18
168.00
19
20 Supplies Expense
Insurance Expense
365.00
21
Depreciation Expense, Equipment
23 Wages Payable
364.00
22
700.00
24
348.00
4,930.00
9,546.00
15,899.00
11,283.00
4,616.00
25
Net Income
4,616.00
26
9,546.00
9,546.00
15,899.00
15,899.00
27
Sheet1
Sheet2
Sheet3
<>
(Continued)
567 09
Transcribed Image Text:The Accounting Cycle for a Service Business: Analyzing Business Transactions
igure
mary,
entry,
,930
Required
If you are using Working Papers, complete the following:
1. a. Write the owner's name on the Capital and Drawing T accounts.
b. Record the account balances in the T accounts for owner's equity, revenue, and
expenses.
2. Journalize the closing entries using the four steps in correct order. Number the
closing entries 1l through 4.
3. Post the closing entries to the T accounts immediately after you journalize each de
to see the effect of the closing entries. Number closing entries 1 through 4.
*Skip Step 1 if using CengageNow or CLGL.
,3
of December
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