Income Supplies Еxpense Cash 101 Summary 313 524 Bal. 500 Bal. 500 Accounts Receivable Golf Instruction Fees Insurance 122 401 Expense 535 Bal. 1,500 Bal. 4,000 Bal 100 Wages Payable Wages Expense 511 Postage Еxpense 219 536 Bal. 400 Bal. 800 Bal. 50 Chris Williams, Advertising Expense Bal. 200 Gas and Oil Capital 311 512 Еxpense 538 Bal. 9,000 Bal. 150 Chris Williams, Travel Miscellaneous Drawing 312 Expense Bal. 600 515 Еxpense 549 Bal. 1,000 Bal. 80

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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CLOSING ENTRIES (NET INCOME) Using the following partial listing of T
accounts, prepare closing entries in general journal form dated April 30,
20--. Then post the closing entries to the T accounts.

Income
Supplies
Еxpense
Cash
101
Summary
313
524
Bal.
500
Bal. 500
Accounts
Receivable
Golf Instruction
Fees
Insurance
122
401
Expense
535
Bal.
1,500
Bal. 4,000
Bal 100
Wages Payable
Wages Expense 511
Postage
Еxpense
219
536
Bal.
400
Bal. 800
Bal. 50
Chris Williams,
Advertising
Expense
Bal. 200
Gas and Oil
Capital
311
512
Еxpense
538
Bal.
9,000
Bal. 150
Chris Williams,
Travel
Miscellaneous
Drawing
312
Expense
Bal. 600
515
Еxpense
549
Bal.
1,000
Bal.
80
Transcribed Image Text:Income Supplies Еxpense Cash 101 Summary 313 524 Bal. 500 Bal. 500 Accounts Receivable Golf Instruction Fees Insurance 122 401 Expense 535 Bal. 1,500 Bal. 4,000 Bal 100 Wages Payable Wages Expense 511 Postage Еxpense 219 536 Bal. 400 Bal. 800 Bal. 50 Chris Williams, Advertising Expense Bal. 200 Gas and Oil Capital 311 512 Еxpense 538 Bal. 9,000 Bal. 150 Chris Williams, Travel Miscellaneous Drawing 312 Expense Bal. 600 515 Еxpense 549 Bal. 1,000 Bal. 80
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