The ledger of Blossom Company contains the following balances: Owner's Capital $ 28,600, Owner's Drawings $ 2,200, Service Revenue $ 50,000, Salaries and Wages Expense $ 28,300, and Supplies Expense $ 6,400. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference.

The ledger of Blossom Company contains the following balances: Owner's Capital $ 28,600, Owner's Drawings $ 2,200, Service Revenue $ 50,000, Salaries and Wages Expense $ 28,300, and Supplies Expense $ 6,400. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 2PA: The partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the...

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