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Below the Adjusted Trial Balance for Torr's Towing Services is given.
Using the Adjusted Trial Balance prepare the closing entries at June 30, 2019 (on a piece of paper) and select the correct answer to the questions asked about the closing entries.
TORR'S TOWING SERVICES WORKSHEET FOR THE YEAR ENDED JUNE 30, 2019 ADJUSTED TRIAL BALANCE ACCOUNT TITLES DEBIT ($) CREDIT ($) Cash 56,820.00 Accounts Receivable 28,200.00 Towing Supplies 9,000.00 Notes Receivable 2,500.00 Land 180,000.00 Vehicles 66,000.00 Accumulated depreciation - Vehicles 60,000.00 Accounts Payable 31,100.00 Unearned Revenue 1,400.00 Notes Payable 20,000.00 Capital - Torr Tait 205,500.00 Withdrawals - Torr Tait 3,000.00 Towing Service Revenue 143,500.00 Rent Revenue 28,000.00 Advertising Expense 3,500.00 Insurance Expense 1,200.00 Internet Expense 1,160.00 Meals and Entertainment Expense 2,500.00 Telephone Expense 1,120.00 Utilities Expense 10,800.00 Wage Expense 121,750.00 Depreciation - Vehicles 7,200.00 Interest Expense 400.00 Supplies Expense 9,000.00 Interest Payable 400.00 Wages Payable 14,250.00 504,150.00 504,150.00
What is the total amount posted to the Income Summary account to close out the expense accounts?
Answer 1 Choose... What is the journal entry to close out the Withdrawal's account?
Answer 2 Choose... What type of account is the Income Summary account?
Answer 3 Choose... What is the total amount posted to the Owners' Capital account to close out the Income Summary account?
Answer 4 Choose... What is the total amount posted to the Income Summary account to close out the revenue account(s)?
Answer 5 Choose...
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