Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 6/28 Bal. 6/12 6/24 Bal. 6/30 6/1 Bal. 6/30 Supplies Expense 6/13 6/25 2,700 Bal. 5,440 8,140 6/30 8,140 590 890 1,480 6/30 1,480 Service Revenue m 3,440 6/15 18,300 Bal. 18,300 Rent Expense 6/24 1,400 840 3,440 6/30 Owner's Capital 2,240 6/1 11,900 9,600 8,700 6/30 3,440 5,240 Owner's Drawings Bal. 14,900 2,240 6/30 2,240

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Date Account Titles and Explanation
June 30
June 30
(To close revenue account)
June 30
June 30
(To close expense account)
(To close net income / (loss))
(To close drawings)
Debit
Credit
Transcribed Image Text:Date Account Titles and Explanation June 30 June 30 (To close revenue account) June 30 June 30 (To close expense account) (To close net income / (loss)) (To close drawings) Debit Credit
Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries.
Salaries and Wages Expense
6/10
6/28
Bal.
6/12
6/24
Bal.
6/30
6/1
Bal.
6/30
Supplies Expense
6/13
6/25
2,700
Bal.
5,440
8,140 6/30 8,140
590
890
1,480 6/30 1,480
Service Revenue
m
18,300 Bal. 18,300
3,440
Rent Expense
6/15
9,600
6/24 8,700
3,440 6/30
Owner's Capital
2,240 6/1 11,900
1,400
840
6/30
3,440
5,240
Owner's Drawings
Bal. 14,900
2,240 6/30 2,240
Transcribed Image Text:Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 6/28 Bal. 6/12 6/24 Bal. 6/30 6/1 Bal. 6/30 Supplies Expense 6/13 6/25 2,700 Bal. 5,440 8,140 6/30 8,140 590 890 1,480 6/30 1,480 Service Revenue m 18,300 Bal. 18,300 3,440 Rent Expense 6/15 9,600 6/24 8,700 3,440 6/30 Owner's Capital 2,240 6/1 11,900 1,400 840 6/30 3,440 5,240 Owner's Drawings Bal. 14,900 2,240 6/30 2,240
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