Question

Exercise 4-11 a-b Selected accounts for Cullumber’s Salon are presented below. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 3,100 6/28 5,790 Bal. 8,890 6/30 8,890 Supplies Expense 6/12 560 6/24 740 Bal. 1,300 6/30 1,300 Service Revenue 6/15 9,100 6/24 8,500 6/30 17,600 Bal. 17,600 Rent Expense 6/1 2,660 Bal. 2,660 6/30 2,660 Owner’s Capital 6/30 2,960 6/1 11,500 6/30 4,750 Bal. 13,290 Owner’s Drawings 6/13 800 6/25 2,160 Bal. 2,960 6/30 2,960

Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To close expense account) June 30 (To close net income / (loss)) June 30 (To close drawings) SHOW LIST OF ACCOUNTS LINK TO TEXT

Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary June 30Total June 30Total June 30Total June 30Total June 30Total June 30Total

Answer 1

Closing Entries

Date	Account Titles and Explanation	Debit ($)	Credit ($)
June 30	Service Revenue	17,600
	Income Summary		17,600
	(To close revenue account)
June 30	Income Summary	12,850
	Salaries and Wages Expense		8,890
	Supplies Expense		1,300
	Rent Expense		2,660
	(To close expense account)
June 30	Income Summary	4,750
	Owner's Capital		4,750
	(To close net income)
June 30	Owner's Capital	2,960
	Owner's Drawings		2,960
	(To close drawings)

Income Summary

Date	Amount ($)	Date	Amount ($)
June 30	12,850	June 30	17,600
June 30	4,750	June 30
Total	17,600	Total	17,600