User Account

All Pages

Prepare the closing entries that were made

Assignment Help Accounting Basics
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

Questions Cloud

What will the new value of each ratio be : Onshore Bank has $20 million in assets, with risk-adjusted assets of $10 million. Tier I capital is $500,000 and Tier II capital is $400,000.
Are environmental laws and regulations effective : Are environmental laws and regulations effective? You are required to integrate course materials and concepts as well. what you know and what you have learned.
Use to determine whether outsourcing is worth the risk : What basis can a leader use to determine whether outsourcing is worth the risk?
What is the contribution to the asset base of given item : What is the contribution to the asset base of the following items under the Basel requirements? Under the U. S. capitalto-assets rule?
Prepare the closing entries that were made : Selected accounts for Silver Shears Salon are presented below. All 30 June postings are from closing entries. Prepare the closing entries that were made
Leadership qualities required to successfully lead a project : Write a brief reflection of no more than 300 words of your team work experience in this subject - leadership qualities required to successfully lead a project?
Will there always be a need for some land lines : Will the USA ever become a completely wireless society? Will there always be a need for some land lines? Will there be more social interactions? less?
High level of customer service and happy employees : Sarah is the owner of an upscale grocery store with 4 locations. Her stores are known for their high level of customer service and happy employees.
Corporate risks that can destroy company strategic position : What are some corporate risks that can destroy a company's strategic position?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Message on the recorded answering machine

At 4.30pm on Monday, Alex reads Michael's acceptance and immediately telephones Joshua's business address, leaving a message on the recorded answering machine: "Ignore the letter you will receive-deal off. Alex."

  Why is the customer interview process important

Why is the customer interview process important with regard to the Chart of Accounts (COA)? Why would you customize a COA to a specific business

  How should treasury stock be presented on the balance sheet

(a) In what respect does treasury stock differ from unissued stock?(b) How should treasury stock be presented on the balance sheet?

  Punishment of death

Crito. Having read the Apology, you now know that Socrates was convicted and given a punishment of death. This week you will read a dialogue called the Crito.

  What are the deficiencies of the direct write off method

What are the two basic allowance methods used to estimate bad debts, and what is the theoretical justification for each?

  Short- and long-term actions

Consider a health care organization that is unable to meet all of its relevant regulatory requirements. Answer the following questions about this organization:

  Baxter corp currently makes 10000 subcomponents a year in

baxter corp currently makes 10000 subcomponents a year in one of its factories. the unit costs to produce are an

  During the most recent week she worked 46 hours her federal

paula giltz earns an hourly wage of 18 with time-and-a-half pay for hours worked over 40 per week. during the most

  What is the operating cash flow

Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.

  A firm sells 1150000 receivables to a factory for 1138500

a firm sells 1150000 receivables to a factory for 1138500. the average collection period is 1 month. what is the

  Temporary permanent differences-deferred

Prepare schedule to reconcile accounting and taxable income and to compute taxes payable. Prepare a schedule of temporary differences and deferred income taxes. Prepare Journal entry for each year. Show how income tax expenses, deferred income tax as..

  What type of loss carries over to 2012

The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year. Assume th..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd