Solution-Prepare the closing entries that were made

Prepare the closing entries that were made

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Reference no: EM131633066

Question - Selected accounts for Silver Shears Salon are presented below. All 30 June postings are from closing entries.

Salaries expense
10/6	3,200	30/6	8,800
28/6	5,600

Service revenue
30/6	16,100	15/6	7,700
		24/6	8,400

Mary Stamos, Capital
30/6	2,500	1/6	12,000
		30/6	3,000
		Bal.	12,500

Supplies expense
12/6	600	30/6	1,300
24/6	700

Rent expense
1/6	3,000	30/6	3,000

Mary Stamos, Drawing
13/6	1,000	30/6	2,500
25/6	1,500

Required -

(a) Prepare the closing entries that were made.

(b) Post the closing entries to Profit or loss summary.

Reference no: EM131633066

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Prepare the closing entries that were made

Reference no: EM131633066

Reference no: EM131633066

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