College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570



College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The partial work sheet for Emil Consulting for June is as follows:



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 closing entries 1 through 4.

Check Figure

Debit to Income Summary, second entry, $4,930


To determine

Indicate the names of owner above the Capital and Drawing accounts.


Owners’ equity: The financial interest of the owners to invest in the business is referred to as owners’ equity or capital...


To determine

Open the T-accounts for owners’ equity, revenue, and expenses and record the account balances.


To determine

Prepare closing entries numbering the entries 1 through 4.


To determine

Post the closing entries to T-accounts.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is a biometric time clock?

Accounting Information Systems

Which step of the accounting cycle is optional?

Financial And Managerial Accounting

How do you compute the present value of a deferred ordinary annuity?

Intermediate Accounting: Reporting And Analysis

DEPRECIATION METHODS Kristin is evaluating a capital budgeting project that should last for 4 years. The projec...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

In implementing an ABM system, what are some of the planning considerations?

Cornerstones of Cost Management (Cornerstones Series)