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After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31: 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 1 through 4. 3. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Net Loss, $287

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 5, Problem 1PB
Textbook Problem

After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31:

Chapter 5, Problem 1PB, After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained

Required

If you are using Working Papers, complete the following:

  1. 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.

  1. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
  2. 3. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4.

Check Figure

Net Loss, $287

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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