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The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (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 Service Revenue Owner's Drawings Income Summary

The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (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 Service Revenue Owner's Drawings Income Summary

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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The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (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 Service Revenue Owner's Drawings Income Summary
Transcribed Image Text:The ledger of Pharoah Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $2,700, Service Revenue $51,000, Salaries and Wages Expense $25,300, and Supplies Expense $7,300. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (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 Service Revenue Owner's Drawings Income Summary
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