A partial work sheet for the month ended june 30, 20-- for Adams' Shoe Shine is shown. Adams’ Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20-- 1 INCOME STATEMENT INCOME STATEMENT BALANCE SHEET BALANCE SHEET 2 ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT 3 Cash 3,262.00 4 Accounts Receivable 1,244.00 5 Supplies 800.00 6 Prepaid Insurance 640.00 7 Office Equipment 2,100.00 8 Accumulated Depreciation-Office Equipment 110.00 9 Accounts Payable 1,850.00 10 Wages Payable 260.00 11 Mary Adams, Capital 6,000.00 12 Mary Adams, Drawing 2,000.00 13 Service Fees 4,813.00 14 Wages Expense 1,080.00 15 Advertising Expense 34.00 16 Rent Expense 900.00 17 Supplies Expense 322.00 18 Phone Expense 133.00 19 Utilities Expense 102.00 20 Insurance Expense 120.00 21 Gas and Oil Expense 88.00 22 Depreciation Expense-Office Equipment 110.00 23 Miscellaneous Expense 98.00 24 2,987.00 4,813.00 10,046.00 8,220.00 25 Net Income 1,826.00 1,826.00 26 $4,813.00 $4,813.00 $10,046.00 $10,046.00 Required: 1. Prepare closing entries. 2. Post the closing entries to the T accounts.

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business...

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A partial work sheet for the month ended june 30, 20-- for Adams' Shoe Shine is shown.

Adams’ Shoe Shine

Work Sheet (Partial)

For Month Ended June 30, 20--

1		INCOME STATEMENT	INCOME STATEMENT	BALANCE SHEET	BALANCE SHEET
2	ACCOUNT TITLE	DEBIT	CREDIT	DEBIT	CREDIT
3	Cash			3,262.00
4	Accounts Receivable			1,244.00
5	Supplies			800.00
6	Prepaid Insurance			640.00
7	Office Equipment			2,100.00
8	Accumulated Depreciation-Office Equipment				110.00
9	Accounts Payable				1,850.00
10	Wages Payable				260.00
11	Mary Adams, Capital				6,000.00
12	Mary Adams, Drawing			2,000.00
13	Service Fees		4,813.00
14	Wages Expense	1,080.00
15	Advertising Expense	34.00
16	Rent Expense	900.00
17	Supplies Expense	322.00
18	Phone Expense	133.00
19	Utilities Expense	102.00
20	Insurance Expense	120.00
21	Gas and Oil Expense	88.00
22	Depreciation Expense-Office Equipment	110.00
23	Miscellaneous Expense	98.00
24		2,987.00	4,813.00	10,046.00	8,220.00
25	Net Income	1,826.00			1,826.00
26		$4,813.00	$4,813.00	$10,046.00	$10,046.00