e4-11 and e4-12 Ident 1ai5u, Indicate how to correct the statement. Selected acc
ID: 2339191 • Letter: E
Question
e4-11 and e4-12 Ident 1ai5u, Indicate how to correct the statement. Selected accounts for Tamora's Salon are presented below. All June 30 postings are E4- 11 from closing entries. Prepare closing entries. (LO 2) and Wages Expense 9 Supplies Expense Service Revenue 200 6/30 8,800 6/30 18,100 6/15 9,700 6/30 2,100 6/1 12,000 Owner's Capital 6/28 5,600 6/24 8,400 6/30 5,000 Bal. 14,900 Rent Expense /12 600 6/30 1,300 6/1 3,000 6/30 3,000 6/13 1,000 6/30 2,100 Owner's Drawings 6/24 700 6/25 1,100 Instructions (a) Prepare the closing entries that were made. (b) Post the closing entries to Income Summary. E4-12 Noah Bahr Company discovered the following errors made in January 2017. l. A payment of Salaries and Wages Expense of $700 was debited to Equipment and cr Prepare correcting ent ited to Cash, both for $700. 2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. The purchase of equipment on account for $760 was debited to Equipment $670 and credited to Accounts Payable $670. Instructions (a) Correct the errors by reversing the incorrect entry and preparing the correct entry (b) Correct the errors without reversing the incorrect entry E4-13 Patel Company has an inexperienced accountant. During the first 2 weeks on the Prepare correcting in iournalizing transactions. All entries (LO 3)Explanation / Answer
Solution E4-11 a:
Solution E4-11 b:
Solution E4-12a:
Solution E4-12 b:
Closing Entries - Tamora Salon Event Particulars Debit Credit 1 Service Revenue Dr $18,100.00 To Income Summary $18,100.00 (To close revenue to income summary) 2 Income Summary Dr $13,100.00 To Salaries and Wages Expense $8,800.00 To Supplies Expense $1,300.00 To Rent Expense $3,000.00 (To close expenses) 3 Income summary Dr $5,000.00 To Owner's Capital $5,000.00 (To close income summary to capital) 4 Owner's Capital Dr $2,100.00 To Owner's Drawings $2,100.00 (To close drawing account)Related Questions
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