Account Titles and Explanation Debit Credit (To close revenue account.) (To clos

Question

Account Titles and Explanation

Debit

Credit

(To close revenue account.)

(To close expense accounts.)

(To close net income to capital.)

(To close drawings to capital.)

SHOW LIST OF ACCOUNTS

The income statement of Fezzik's Shoe Repair is as follows:
FEZZIK'S SHOE REPAIR
Income Statement
For the Month Ended April 30, 2016 Revenue     Service Revenue $9,500 Expenses:     Salaries and Wages Expense $4,200     Depreciation Expense 350     Utilities Expense 400     Rent Expense 600     Supplies Expense 1,050         Total Expenses 6,600 Net Income $2,900
On April 1, the Owner’s Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use.

Explanation / Answer

General Journal

closing Entries

Date

Explanation

Debit

credit

30-Apr

service revenue

9500

income summary

9500

30-Apr

income summary

$6,600

Salaries and Wages Expense

$4,200

    Depreciation Expense

350

    Utilities Expense

400

    Rent Expense

600

    Supplies Expense

1,050

30-Apr

income summary

$2,900

owners capital

$2,900

30-Apr

owners capital

3000

drawings

3000

General Journal

closing Entries

Date

Explanation

Debit

credit

30-Apr

service revenue

9500

income summary

9500

30-Apr

income summary

$6,600

Salaries and Wages Expense

$4,200

    Depreciation Expense

350

    Utilities Expense

400

    Rent Expense

600

    Supplies Expense

1,050

30-Apr

income summary

$2,900

owners capital

$2,900

30-Apr

owners capital

3000

drawings

3000

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