The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7.100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (14) 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.
The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7.100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (14) 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.
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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![The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service
Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7,100.
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
Bal
64.
Bal.
Bal
Bal.
Bal
>
Salaries and Wages Expense
26400
Supplies Expense
7100
$1000
(2)
Service Revenue
2100
(2)
Owner's Drawings
(4)
28900
(4
Income Summary
Owner's Capital
V
<
>
26400
7100
$1000
2100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcf55314-e77c-4207-b6b5-41857ff6b275%2F14a3136e-8f46-42f6-a589-fd2cdb5f4680%2Fk84udqj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service
Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7,100.
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
Bal
64.
Bal.
Bal
Bal.
Bal
>
Salaries and Wages Expense
26400
Supplies Expense
7100
$1000
(2)
Service Revenue
2100
(2)
Owner's Drawings
(4)
28900
(4
Income Summary
Owner's Capital
V
<
>
26400
7100
$1000
2100
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