MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSIC The adjusted trial balance colu

Question

MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSIC The adjusted trial balance columns of the worksheet for Savaglia Company are as follows SAVAGLTA COMPANY Worksheet (partial) For the Honth Ended April 30, 2017 Adjusted Trial Balance Account Titles Dr. Cr. Cash Accounts Receivable Prepaid Rent Equipment 10,800 7,000 2,200 22,700 4,700 5,600 4,600 28,690 Notes Payable Accounts Payable Owner's Capital Owners Drawings Service Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense 3,500 15,100 11,000 800 690 40 Interest Payable 40 Totals 58,730 58,730

Explanation / Answer

Salvaglia Company

Date

Account Titles and Explanation

Debit

Credit

30-Apr-17

Service Revenue

$15,100

Income Summary

$15,100

(To close the revenue account)

30-Apr-17

Income Summary

$12,530

Salaries and wages expense

$11,000

Depreciation Expense

$690

Rent Expense

$800

Interest expense

$40

(To close the expense accounts)

30-Apr-17

Income Summary

$2,570

Retained Earnings

$2,570

(To transfer income summary account balance to retained earnings)

30-Apr-17

Owner’s Capital

$3,500

Drawings

$3,500

(To close drawings account)

Debit

Date

Income Summary

Credit

30-Apr

Salaries and wages expense

$11,000

30-Apr

Service Revenue

$15,100

Depreciation expense

$690

Rent Expense

$800

Interest Expense

$40

Retained Earnings

$2,570

$15,100

$15,100

Owner's Capital

$15,100

Balance

$28,690

Drawings

$3,500

30-Apr

Balance

$25,190

$28,690

$28,690

Salvaglia Company

Post-closing trial balance

For the month ended Apr 30, 2017

Account Titles

Debit

Credit

Cash

$10,800

Accounts Receivable

$7,000

Prepaid Rent

$2,200

Equipment

$22,700

Accumulated Depreciation

$4,700

Notes Payable

$5,600

Accounts Payable

$4,600

Interest Payable

$40

Owner's Capital

$25,190

Retained Earnings

$2,570

Totals

$42,700

$42,700

Date

Account Titles and Explanation

Debit

Credit

30-Apr-17

Service Revenue

$15,100

Income Summary

$15,100

(To close the revenue account)

30-Apr-17

Income Summary

$12,530

Salaries and wages expense

$11,000

Depreciation Expense

$690

Rent Expense

$800

Interest expense

$40

(To close the expense accounts)

30-Apr-17

Income Summary

$2,570

Retained Earnings

$2,570

(To transfer income summary account balance to retained earnings)

30-Apr-17

Owner’s Capital

$3,500

Drawings

$3,500

(To close drawings account)

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.