Closing Entries (Net Income)Use the following partial listing of T accounts to complete this exercise. 1.Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2.Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Javian Davis, Capital 311 Bal. 9,000 Javian Davis, Drawing 312 Bal. 1,000 Income Summary 313 Tennis Instruction Fees 401 Bal. 4,000 Wages Expense 511 Bal. 760 Advertising Expense 512 Bal. 200 Travel Expense 515 Bal. 600 Supplies Expense 524 Bal. 500 Insurance Expense 535 Bal. 100 Postage Expense 536 Bal. 50 Gas and Oil Expense 538 Bal. 150 Miscellaneous Expense 549 Bal. 80 1.Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Apr. 30 Tennis Instruction Fees 1 2 Income Summary 2 3 3 4 Apr. 30 Income Summary 4 5 Wages Expense 5 6 Advertising Expense 6 7 Travel Expense 7 8 Supplies Expense 8 9 Insurance Expense 9 10 Postage Expense 10 11 Gas and Oil Expense 11 12 Miscellaneous Expense 12 13 13 14 Apr. 30 Income Summary 14 15 Javian Davis, Capital 15 16 16 17 Apr. 30 Javian Davis, Capital 17 18

Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you...

Closing Entries (Net Income)

Use the following partial listing of T accounts to complete this exercise.

1.Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

2.Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.

Cash	101
Bal.	500

Accounts Receivable	122
Bal.	1,500

Wages Payable	219
		Bal.	400

Javian Davis, Capital	311
		Bal.	9,000

Javian Davis, Drawing	312
Bal.	1,000

Income Summary	313

Tennis Instruction Fees	401
		Bal.	4,000

Wages Expense	511
Bal.	760

Advertising Expense	512
Bal.	200

Travel Expense	515
Bal.	600

Supplies Expense	524
Bal.	500

Insurance Expense	535
Bal.	100

Postage Expense	536
Bal.	50

Gas and Oil Expense	538
Bal.	150

Miscellaneous Expense	549
Bal.	80

1.Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

Page: 1

	DATE	ACCOUNT TITLE
1	20-- Apr. 30	Tennis Instruction Fees	1
2		Income Summary	2
3			3
4	Apr. 30	Income Summary	4
5		Wages Expense	5
6		Advertising Expense	6
7		Travel Expense	7
8		Supplies Expense	8
9		Insurance Expense	9
10		Postage Expense	10
11		Gas and Oil Expense	11
12		Miscellaneous Expense	12
13			13
14	Apr. 30	Income Summary	14
15		Javian Davis, Capital	15
16			16
17	Apr. 30	Javian Davis, Capital	17
18

Jun 10, 2022

SOLUTION.PDF

Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment