Salaries and Wages Expense (1) Close revenue accounts Close expense accounts B Close net income/loss) (4) Close drawings Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's Capital Current Attempt in Progress The ledger of Sandhill Company contains the following balances: Owner's Capital $29,600, Owner's Drawings $2,400, Service Revenue $51,000, Salaries and Wages Expense $28.900, and Supplies Expense $6,700. The closing entries are as follows Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference
Salaries and Wages Expense (1) Close revenue accounts Close expense accounts B Close net income/loss) (4) Close drawings Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's Capital Current Attempt in Progress The ledger of Sandhill Company contains the following balances: Owner's Capital $29,600, Owner's Drawings $2,400, Service Revenue $51,000, Salaries and Wages Expense $28.900, and Supplies Expense $6,700. The closing entries are as follows Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Salaries and Wages Expense
(1)
Close revenue accounts.
(2) Close expense accounts.
(3)
Close net income/[loss).
Close drawings
Supplies Expense
Service Revenue
Owner's Drawings
Income Summary
Owner's Capital
Current Attempt in Progress
The ledger of Sandhill Company contains the following balances: Owner's Capital $29,600, Owner's Drawings $2,400, Service
Revenue $51,000, Salaries and Wages Expense $28,900, and Supplies Expense $6,700.
The closing entries are as follows:
Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26b5954b-a788-48bd-a657-ac1e252a9803%2Fd9654093-792b-498d-983f-59952138bd3c%2F9dbay5n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Salaries and Wages Expense
(1)
Close revenue accounts.
(2) Close expense accounts.
(3)
Close net income/[loss).
Close drawings
Supplies Expense
Service Revenue
Owner's Drawings
Income Summary
Owner's Capital
Current Attempt in Progress
The ledger of Sandhill Company contains the following balances: Owner's Capital $29,600, Owner's Drawings $2,400, Service
Revenue $51,000, Salaries and Wages Expense $28,900, and Supplies Expense $6,700.
The closing entries are as follows:
Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.
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