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The partial work sheet for Ho Consulting for May follows: 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 Debit to Income Summary, second entry, $5,840

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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 2PA
Textbook Problem

The partial work sheet for Ho Consulting for May follows:

Chapter 5, Problem 2PA, The partial work sheet for Ho Consulting for May follows: Required If you are using working papers,

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

Debit to Income Summary, second entry, $5,840

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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