Use the filling partial listing of T accounts to complete this exercise. 1)Prepare closing entries in general journal form dates May 31,20–2) post the closing entries to the T accounts. ### Closing Entries (Net Income)#### T accounts1. **Instructions:** - Post the closing entries to the T accounts.2. **T Accounts Layout:** - **Cash** - Balance: 700 - **Accounts Receivable** - Balance: 1,900 - **Wages Payable** - Balance: 400 - **Mark Thrasher, Capital** - Balance: 7,000 - Closing - **Mark Thrasher, Drawing** - Balance: 700 - Closing - **Income Summary** - Closing: (no amount specified) - Closing: (no amount specified) - **Lawn Service Fees** - Balance: 6,000 - Closing - **Wages Expense** - Balance: 500 - Closing - **Advertising Expense** - Balance: 700 - Closing - **Travel Expense** - Balance: 100 - Closing - **Supplies Expense** - Balance: 900 - Closing - **Insurance Expense** - Balance: 200 - Closing - **Postage Expense** - Balance: (no amount specified) - Closing - **Gas and Oil Expense** - Balance: 600 - Closing - **Miscellaneous Expense** - Balance: 100 - Closing---### General Journal1. **Instructions:** - Prepare closing entries in general journal form dated May 31, 20--.2. **General Journal Layout:** **Page 1:** | DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |------|---------------------|------------|-------|--------| | | Closing Entries | | | | | 1 | | | | | | 2 | | | | | | 3 | | | | | | 4 | | | | | | 5 | | | | | | 6 | | | | | | 7 | | | | | **Closing Entries (Net Income)****Instructions**Use the following partial listing of T accounts to complete this exercise.| Account Description | Transaction ||---------------------------------|-------------|| Cash | Bal. 700 || Accounts Receivable | Bal. 1,900 || Wages Payable | Bal. 400 || Mark Thrasher, Capital | Bal. 7,000 || Mark Thrasher, Drawing | Bal. 700 || Income Summary | || Lawn Service Fees | Bal. 6,000 || Wages Expense | Bal. 500 || Advertising Expense | Bal. 700 || Travel Expense | Bal. 100 || Supplies Expense | Bal. 900 || Insurance Expense | Bal. 200 || Postage Expense | Bal. 50 || Gas and Oil Expense | Bal. 600 || Miscellaneous Expense | Bal. 100 |**Required:**1. Prepare closing entries in general journal form dated May 31, 20--.2. Post the closing entries to the T accounts.---**Chart of Accounts**_Chapter 06 - General Ledger_**ASSETS**- 101 Cash- 122 Accounts Receivable- 141 Supplies- 145 Prepaid Insurance- 181 Office Equipment- 181.1 Accumulated Depreciation - Office Equipment**LIABILITIES**- 202 Accounts Payable- 219 Wages Payable**EQUITY**- 311 Mark Thrasher, Capital- 312 Mark Thrasher, Drawing- 313 Income Summary**REVENUE**- 401 Lawn Service Fees**EXPENSES**- 511 Wages Expense- 512 Advertising Expense- 515 Travel Expense- 521 Rent Expense- 524 Supplies Expense- 525 Phone Expense- 533 Utilities Expense- 535 Insurance Expense- 536 Postage Expense- 538 Gas and Oil Expense- 542 Depreciation Expense - Office Equipment- 549 Miscellaneous ExpenseThis excerpt provides a detailed list of T accounts and includes an exercise to prepare and post closing entries. The chart of accounts is organized by assets, liabilities, equity, revenue,

Solution: Introduction: T account is a graphical representation used in a double entry accounting system for recording the transactions and to keep debits and credits separately which makes the company's general ledger easier to read. Closing Entries are the Closing journal entries, these are recorded at the end of the accounting period in order to close the temporary accounts such as all revenues and all expenses. And then their balances are transferred to the permanent accounts such as assets, liabilities and owner's equity. If the closing entries are not prepared at the end of the given period, it will impact the balance for the previous period also. Analysis and Calculation: Firstly, close all Revenue accounts to Income summary account and then all expenses accounts to Income summary account, Then close the income summary account to Retained Earnings account or capital Account. 1. Preparation of Closing Entries in General Journal form dated May 31, 20_: General Journal Closing Entries Date Account Name Post Ref. Dr. $ Cr. $ 1) Lawn Service Fee Dr. 6,000 Income Summary Cr. 6,000 (being all revenue accounts closed) 2) Income Summary Dr. 3,150 Wages Expenses Dr. 500 Advertising Expenses Dr. 700 Travel Expenses Dr. 100 Supplies Expenses Dr. 900 Insurance Expenses Dr. 200 Postage Expenses Dr. 50 Gas & Oil Expenses Dr. 600 Miscellaneous Expenses Dr. 100 (being All expenses closed) 3) Income Summary A/c Dr. 2,850 Mark Thrasher, Capital Cr. 2,850 (being Income summary account closed) 2. T-Accounts: Cash A/c Dr. Cr. Date Account Name Dr.$ Account Name Cr.$ Balance 700 Accounts Receivable A/c Date Account Name Dr.$ Account Name Cr.$ Balance 1,900 Wages Payable A/c Date Account Name Dr.$ Account Name Cr.$ Balance 400 Mark Thrasher, Capital A/c Date Account Name Dr.$ Account Name Cr.$ Balance 7,000 Closing Balance 700 Net Income 2,850 Balance 9,150 Total 9,850 Total 9,850 Mark Thrasher A/c, Drawings Date Account Name Dr.$ Account Name Cr.$ Balance 7,00 Closing 700 Income summary A/c Date Account Name Dr.$ Account Name Cr.$ Wages Expenses 500 Lawn Service Revenue 6,000 Advertising Expenses 700 Travel Expenses 100 Supplies Expenses 900 Insurance Expenses. 200 Postage Expenses 50 Gas & Oil Expenses 600 Miscellaneous Expenses 100 Closing(Net Income) 2,850 Total 6,000 6,000 Lawn Services Revenue A/c Date Account Name Dr.$ Account Name Cr.$ Balance 6,000 closing 6,000 Total 6,000 6,000 Wages Expenses A/c Date Account Name Dr.$ Account Name Cr.$ Balance 500 Closing 500 Advertising Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 700 Closing 700 Travel Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 100 Closing 100 Supplies Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 900 Closing 900 Insurance Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 200 Closing 200 Postage Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 50 Closing 50 Gas & Postage Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 600 Closing 600 Miscellaneous Expense A/c Date Account Name Dr.$ Account Name Cr.$ Balance 100 Closing 100

Answered: se the filling partial listing of T…

Business

Accounting

se the filling partial listing of T accounts to complete this exercise. 1)

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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