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Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense 321,200 70,400 29,040 19,360 6,160

Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense 321,200 70,400 29,040 19,360 6,160

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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Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense (a) Jan. 31 Jan. 31 Jan. 31 321,200 Prepare the necessary closing entries for Oriole Environment Ltd. at June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Jan. 31 70,400 29,040 19,360 (To close dividend account) (To close accounts with a debit balance) (To close income summary account) 6,160 Debit Credit
Transcribed Image Text:Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense (a) Jan. 31 Jan. 31 Jan. 31 321,200 Prepare the necessary closing entries for Oriole Environment Ltd. at June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Jan. 31 70,400 29,040 19,360 (To close dividend account) (To close accounts with a debit balance) (To close income summary account) 6,160 Debit Credit
Presented below are the balances from Oriole Environment Ltd's general ledger as at June 30, 2024: Cash Accounts receivable Inventory Equipment Accumulated depreciation, equipment Accounts payable. Note payable Deferred revenue Common shares Retained earnings Dividends declared Sales revenue Service revenue Cost of goods sold DR 29,920 70,400 251,680 322,960 48,400 231.000 CR 154,000 123,200 44,000 36,960 35,200 140,800 623,040 6,160
Transcribed Image Text:Presented below are the balances from Oriole Environment Ltd's general ledger as at June 30, 2024: Cash Accounts receivable Inventory Equipment Accumulated depreciation, equipment Accounts payable. Note payable Deferred revenue Common shares Retained earnings Dividends declared Sales revenue Service revenue Cost of goods sold DR 29,920 70,400 251,680 322,960 48,400 231.000 CR 154,000 123,200 44,000 36,960 35,200 140,800 623,040 6,160
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