The income statement for Weeping Willow Golf Club for the month ending July 31 s
ID: 2423334 • Letter: T
Question
The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $16,158, Salaries and Wages Expense $8,242, Maintenance and Repairs Expense $2,805, and Net Income $5,111.
Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three-column form of account.
Service Revenue
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
Salaries and Wages Expense
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
Maintenance and Repairs Expense
Date
Explanation
Ref
Debit
Credit
Balance
Balance
Closing entry
Service Revenue
Date
Explanation
Ref
Debit
Credit
Balance
7/31Balance
7/31Closing entry
Salaries and Wages Expense
Date
Explanation
Ref
Debit
Credit
Balance
7/31Balance
7/31Closing entry
Maintenance and Repairs Expense
Date
Explanation
Ref
Debit
Credit
Balance
7/31Balance
7/31Closing entry
Explanation / Answer
Dr Fee Revenue $16,158
Cr Income Summary $16,158
(to close off revenue accounts)
Dr Income summary $11,047
Cr Salaries Expense $8,242
Cr Maintenance Expense $2,805
(to close off expense accounts)
Dr Income summary $5111
Cr Retained earnings $5111
(to close off income summary account)
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