The ledger of Crane Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $1,100, Service Revenue $51,000, Salaries and Wages Expense $25,400, and Supplies Expense $6,900. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. Close net income/(loss). (3) (4) Close drawings. 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 Supplies Expense

The ledger of Crane Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $1,100, Service Revenue $51,000, Salaries and Wages Expense $25,400, and Supplies Expense $6,900. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. Close net income/(loss). (3) (4) Close drawings. 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 Supplies Expense

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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