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Category > Accounting Posted 02 Aug 2017 My Price 6.00

Winter’s Repair Shop’

preparation of Closing Entries from the Work Sheet

E7A. The items that follow are from the Income Statement columns of Winter’s Repair Shop’s work sheet for the year ended December 31, 2014. Prepare journal entries to close the revenue, expense, Income Summary, and Withdrawals accounts. The owner,

A.   Winter, withdrew $2,500 during the year.

 

Income Statement

Account name

Debit

 

Credit

Repair Revenue

 

 

12,810

Wages Expense

4,055

 

 

Rent Expense

600

 

 

Supplies Expense

2,130

 

 

Insurance Expense

458

 

 

Depreciation Expense—Repair Equipment

672

 

 

 

7,915

 

12,810

Net Income

4,895

 

 

 

12,810

 

12,810

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Maurice Tutor
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Status NEW Posted 02 Aug 2017 12:08 PM My Price 6.00

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