Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101 Income Summary 313 Supplies Expense 524 Bal. 500 Bal. 500 Accounts Receivable 122 Golf Instruction Fees 401 Insurance Expense 535 Bal. 1,500 Bal. 4,000 Bal. 100 Wages Payable 219 Wages Expense 511 Postage Expense 536 Bal. 400 Bal. 800 Bal. 50 Chris Williams, Capital 311 Advertising Expense 512 Gas and Oil Expense 538 Bal. 9,000 Bal. 200 Bal. 150 Chris Williams, Drawing 312 Travel Expense 515 Miscellaneous Expense 549 Bal. 1,000 Bal. 600 Bal. 80 Required: 1. Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 30 1 2 2 3 3 4 Apr. 30 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 Apr. 30 14 15 15 16 16 17 Apr. 30 17 18 18 19 19 2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above. Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Chris Williams, Capital 311 Closing Bal. 9,000 Closing Bal. Chris Williams, Drawing 312 Bal. 1,000 Closing Income Summary 313 Closing Closing Closing Golf Instruction Fees 401 Closing Bal. 4,000 Wages Expense 511 Bal. 800 Closing Advertising Expense 512 Bal. 200 Closing Travel Expense 515 Bal. 600 Closing Supplies Expense 524 Bal. 500 Closing Insurance Expense 535 Bal. 100 Closing Postage Expense 536 Bal. 50 Closing Gas and Oil Expense 538 Bal. 150 Closing Miscellaneous Expense 549 Bal. 80 Closing

Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101 Income Summary 313 Supplies Expense 524 Bal. 500 Bal. 500 Accounts Receivable 122 Golf Instruction Fees 401 Insurance Expense 535 Bal. 1,500 Bal. 4,000 Bal. 100 Wages Payable 219 Wages Expense 511 Postage Expense 536 Bal. 400 Bal. 800 Bal. 50 Chris Williams, Capital 311 Advertising Expense 512 Gas and Oil Expense 538 Bal. 9,000 Bal. 200 Bal. 150 Chris Williams, Drawing 312 Travel Expense 515 Miscellaneous Expense 549 Bal. 1,000 Bal. 600 Bal. 80 Required: 1. Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 30 1 2 2 3 3 4 Apr. 30 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 Apr. 30 14 15 15 16 16 17 Apr. 30 17 18 18 19 19 2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above. Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Chris Williams, Capital 311 Closing Bal. 9,000 Closing Bal. Chris Williams, Drawing 312 Bal. 1,000 Closing Income Summary 313 Closing Closing Closing Golf Instruction Fees 401 Closing Bal. 4,000 Wages Expense 511 Bal. 800 Closing Advertising Expense 512 Bal. 200 Closing Travel Expense 515 Bal. 600 Closing Supplies Expense 524 Bal. 500 Closing Insurance Expense 535 Bal. 100 Closing Postage Expense 536 Bal. 50 Closing Gas and Oil Expense 538 Bal. 150 Closing Miscellaneous Expense 549 Bal. 80 Closing

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 66.4C

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Question

100%

Closing Entries (Net Income)

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

Cash	101		Income Summary	313		Supplies Expense	524
Bal.	500									Bal.	500

Accounts Receivable	122		Golf Instruction Fees	401		Insurance Expense	535
Bal.	1,500						Bal.	4,000		Bal.	100

Wages Payable	219		Wages Expense	511		Postage Expense	536
		Bal.	400		Bal.	800				Bal.	50

Chris Williams, Capital	311		Advertising Expense	512		Gas and Oil Expense	538
		Bal.	9,000		Bal.	200				Bal.	150

Chris Williams, Drawing	312		Travel Expense	515		Miscellaneous Expense	549
Bal.	1,000				Bal.	600				Bal.	80

Required:

1. Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts.

Page: 1

	DATE
1	20-- Apr. 30	1
2		2
3		3
4	Apr. 30	4
5		5
6		6
7		7
8		8
9		9
10		10
11		11
12		12
13		13
14	Apr. 30	14
15		15
16		16
17	Apr. 30	17
18		18
19		19

2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal above.

Cash	101
Bal.	500

Accounts Receivable	122
Bal.	1,500

Wages Payable	219
		Bal.	400

Chris Williams, Capital
Closing	Bal.	9,000
	Closing
	Bal.

Chris Williams, Drawing	312
Bal.	1,000	Closing

Income Summary	313
Closing		Closing
Closing

Golf Instruction Fees	401
Closing		Bal.	4,000

Wages Expense	511
Bal.	800	Closing

Advertising Expense	512
Bal.	200	Closing

Travel Expense	515
Bal.	600	Closing

Supplies Expense	524
Bal.	500	Closing

Insurance Expense	535
Bal.	100	Closing

Postage Expense	536
Bal.	50	Closing

Gas and Oil Expense	538
Bal.	150	Closing

Miscellaneous Expense	549
Bal.	80	Closing

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