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Use the filling partial listing of T accounts to complete this exercise. 1)Prepare closing entries in general journal form dates May 31,20– 2) post the closing entries to the T accounts.
Closing Entries (Net Income)
General Journal
T accounts
1. Prepare closing entries in general journal form dated May 31, 20-,
2. Post the closing entries to the T accounts.
General Journal Instructions
Taccounts Instructions
Cash
PAGE 1
Bal.
700
GENERAL JOURNAL
Accounts Receivable
DATE
ACCOUNT TITLE
POST. REF.
DEBIT
Bal.
1,900
CREDIT
Closing Entries
Wages Payable
400
Bl,
Mark Thrasher, Capital
7,000
4
Bal.
Closing
Closing
Bal.
6.
Mark Thrasher, Drawing
Bal.
700
8
Closing
9
Income Summary
10
Closing
Closing
11
Closing
12
Lawn Service Fees
13
Bal.
6,000
Closing
14
15
Wages Expense
Bal.
500
16
Closing
Advertising Expense
Bal.
700
Closing
Travel Expense
Bal.
100
Closing
Supplies Expense
Bal.
900
Closing
Insurance Expense
Bal.
200
Closing
Postage Expense
Bal.
50
Closing
Gas and Oil Expense
Bal.
600
Closing
Miscellaneous Expense
Bal.
100
Closing
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Transcribed Image Text:Closing Entries (Net Income) General Journal T accounts 1. Prepare closing entries in general journal form dated May 31, 20-, 2. Post the closing entries to the T accounts. General Journal Instructions Taccounts Instructions Cash PAGE 1 Bal. 700 GENERAL JOURNAL Accounts Receivable DATE ACCOUNT TITLE POST. REF. DEBIT Bal. 1,900 CREDIT Closing Entries Wages Payable 400 Bl, Mark Thrasher, Capital 7,000 4 Bal. Closing Closing Bal. 6. Mark Thrasher, Drawing Bal. 700 8 Closing 9 Income Summary 10 Closing Closing 11 Closing 12 Lawn Service Fees 13 Bal. 6,000 Closing 14 15 Wages Expense Bal. 500 16 Closing Advertising Expense Bal. 700 Closing Travel Expense Bal. 100 Closing Supplies Expense Bal. 900 Closing Insurance Expense Bal. 200 Closing Postage Expense Bal. 50 Closing Gas and Oil Expense Bal. 600 Closing Miscellaneous Expense Bal. 100 Closing
losing Entries (Net Income)
Chart of Accounts
Instructions
Use the following partial listing of T accounts to complete this exercise.
CHART OF ACCOUNTS
Chapter 06
Cash
General Ledger
Bal.
700
ASSETS
REVENUE
Accounts Receivable
101
Cash
401 Lawn Service Fees
Bal.
1,900
122
Accounts Receivable
Wages Payable
141 Supplies
EXPENSES
400
145 Prepaid Insurance
Bal.
511 Wages Expense
Mark Thrasher, Capital
181 Office Equipment
512 Advertising Expense
7,000
181.1 Accumulated Depreciation-Office Equipment
515 Travel Expense
Bal,
521 Rent Expense
Mark Thrasher, Drawing
LIABILITIES
524 Supplies Expense
Bal.
700
202 Accounts Payable
525 Phone Expense
Income Summary
219 Wages Payable
533 Utilities Expense
535 Insurance Expense
Lawn Service Fees
6,000
EQUITY
536 Postage Expense
Bal,
311 Mark Thrasher, Capital
538 Gas and Oil Expense
Wages Expense
312 Mark Thrasher, Drawing
542 Depreciation Expense-Office Equipment
Bal.
500
313 Income Summary
549 Miscellaneous Expense
Advertising Expense
Bal.
700
Travel Expense
Bal.
100
Supplies Expense
Bal.
900
Insurance Expense
Bal.
200
Postage Expense
Bal.
50
Gas and Oil Expense
Bal,
600
Miscellaneous Expense
Bal.
100
Required:
1. Prepare closing entries in general journal form dated May 31, 20-.
2. Post the closing entries to the T accounts.
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Transcribed Image Text:losing Entries (Net Income) Chart of Accounts Instructions Use the following partial listing of T accounts to complete this exercise. CHART OF ACCOUNTS Chapter 06 Cash General Ledger Bal. 700 ASSETS REVENUE Accounts Receivable 101 Cash 401 Lawn Service Fees Bal. 1,900 122 Accounts Receivable Wages Payable 141 Supplies EXPENSES 400 145 Prepaid Insurance Bal. 511 Wages Expense Mark Thrasher, Capital 181 Office Equipment 512 Advertising Expense 7,000 181.1 Accumulated Depreciation-Office Equipment 515 Travel Expense Bal, 521 Rent Expense Mark Thrasher, Drawing LIABILITIES 524 Supplies Expense Bal. 700 202 Accounts Payable 525 Phone Expense Income Summary 219 Wages Payable 533 Utilities Expense 535 Insurance Expense Lawn Service Fees 6,000 EQUITY 536 Postage Expense Bal, 311 Mark Thrasher, Capital 538 Gas and Oil Expense Wages Expense 312 Mark Thrasher, Drawing 542 Depreciation Expense-Office Equipment Bal. 500 313 Income Summary 549 Miscellaneous Expense Advertising Expense Bal. 700 Travel Expense Bal. 100 Supplies Expense Bal. 900 Insurance Expense Bal. 200 Postage Expense Bal. 50 Gas and Oil Expense Bal, 600 Miscellaneous Expense Bal. 100 Required: 1. Prepare closing entries in general journal form dated May 31, 20-. 2. Post the closing entries to the T accounts.
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