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PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December

PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 58APSA
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PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09
Transcribed Image Text:PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09
The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
Transcribed Image Text:The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
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