Question

In: Accounting

The ledger of Whispering Winds Company contains the following balances: Retained Earnings $28,000, Dividends $1,500, Service...

The ledger of Whispering Winds Company contains the following balances: Retained Earnings $28,000, Dividends $1,500, Service Revenue $51,500, Salaries and Wages Expense $29,000, and Supplies Expense $6,000.

The closing entries are as follows:

(1)   Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close dividends.


Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.

Salaries and Wages Expense

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Supplies Expense

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Service Revenue

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Dividends

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Income Summary

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Retained Earnings

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit amount

select an option                                                          Bal.(1)(2)(3)(4)

enter a debit balance

select an option                                                          Bal.(1)(2)(3)(4)

enter a credit balance

Solutions

Expert Solution

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.

ekkarill92 answered 4 weeks ago
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