The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s Drawings $2,600, Service Revenue $51,000, Salaries and Wages Expense $26,300, and Supplies Expense $6,200. 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 select an option enter a debit amount select an option enter a credit amount Supplies Expense select an option enter a debit amount select an option enter a credit amount Service Revenue select an option enter a debit amount select an option enter a credit amount Owner’s Drawings select an option enter a debit amount select an option enter a credit amount Income Summary select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option enter a credit balance Owner’s Capital select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option enter a credit balance
The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s Drawings $2,600, Service Revenue $51,000, Salaries and Wages Expense $26,300, and Supplies Expense $6,200. 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 select an option enter a debit amount select an option enter a credit amount Supplies Expense select an option enter a debit amount select an option enter a credit amount Service Revenue select an option enter a debit amount select an option enter a credit amount Owner’s Drawings select an option enter a debit amount select an option enter a credit amount Income Summary select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option enter a credit balance Owner’s Capital select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option enter a credit balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s Drawings $2,600, Service Revenue $51,000, Salaries and Wages Expense $26,300, and Supplies Expense $6,200.
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,
|
Salaries and Wages Expense
|
|||
|---|---|---|---|
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
Supplies Expense
|
|||
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
Service Revenue
|
|||
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
Owner’s Drawings
|
|||
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
Income Summary
|
|||
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
select an option
|
enter a debit balance
|
select an option
|
enter a credit balance
|
|
Owner’s Capital
|
|||
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
select an option
|
enter a debit amount
|
select an option
|
enter a credit amount
|
|
select an option
|
enter a debit balance
|
select an option
|
enter a credit balance
|
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