Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closi
Posted: Thu May 19, 2022 1:37 pm
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.
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.
CashGolf Instruction FeesChris Williams, CapitalIncome
SummaryMiscellaneous Expense
Accounts ReceivableGolf Instruction FeesChris Williams,
CapitalIncome SummaryPostage Expense
Golf Instruction FeesChris Williams, CapitalGas and Oil
ExpenseIncome SummaryWages Payable
Golf Instruction FeesChris Williams, CapitalIncome SummaryWages
ExpenseWages Payable
Advertising ExpenseGolf Instruction FeesChris Williams,
CapitalIncome SummaryCash
Accounts ReceivableGolf Instruction FeesChris Williams,
DrawingIncome SummaryTravel Expense
Golf Instruction FeesChris Williams, CapitalCashIncome
SummarySupplies Expense
Golf Instruction FeesChris Williams,DrawingIncome
SummaryInsurance ExpenseWages Payable
Golf Instruction FeesChris Williams, CapitalCashIncome
SummaryPostage Expense
Accounts ReceivableGas and Oil ExpenseGolf Instruction FeesChris
Williams, CapitalIncome Summary
Golf Instruction FeesChris Williams, CapitalChris Williams,
DrawingIncome SummaryMiscellaneous Expense
Golf Instruction FeesChris Williams, DrawingCashIncome
SummaryInsurance Expense
Accounts ReceivableGolf Instruction FeesChris Williams,
CapitalIncome SummaryWages Payable
Golf Instruction FeesChris Williams, CapitalChris Williams,
DrawingCashWage Expense
Golf Instruction FeesChris Williams, DrawingCashIncome
SummaryInsurance Expense
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.
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.
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.
CashGolf Instruction FeesChris Williams, CapitalIncome
SummaryMiscellaneous Expense
Accounts ReceivableGolf Instruction FeesChris Williams,
CapitalIncome SummaryPostage Expense
Golf Instruction FeesChris Williams, CapitalGas and Oil
ExpenseIncome SummaryWages Payable
Golf Instruction FeesChris Williams, CapitalIncome SummaryWages
ExpenseWages Payable
Advertising ExpenseGolf Instruction FeesChris Williams,
CapitalIncome SummaryCash
Accounts ReceivableGolf Instruction FeesChris Williams,
DrawingIncome SummaryTravel Expense
Golf Instruction FeesChris Williams, CapitalCashIncome
SummarySupplies Expense
Golf Instruction FeesChris Williams,DrawingIncome
SummaryInsurance ExpenseWages Payable
Golf Instruction FeesChris Williams, CapitalCashIncome
SummaryPostage Expense
Accounts ReceivableGas and Oil ExpenseGolf Instruction FeesChris
Williams, CapitalIncome Summary
Golf Instruction FeesChris Williams, CapitalChris Williams,
DrawingIncome SummaryMiscellaneous Expense
Golf Instruction FeesChris Williams, DrawingCashIncome
SummaryInsurance Expense
Accounts ReceivableGolf Instruction FeesChris Williams,
CapitalIncome SummaryWages Payable
Golf Instruction FeesChris Williams, CapitalChris Williams,
DrawingCashWage Expense
Golf Instruction FeesChris Williams, DrawingCashIncome
SummaryInsurance Expense
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.