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BES BE4-6 BE49 EA The wie Win Wil Golem Servere 3.4 Ego Sale Wagner 12 are a 2200 30 Pew Het at the see her close to your de Reco, Esperan Dudende helderly way to deletion Services Revenue alda 30 Mere Simp2Cthe jumate close the Dur 1h the natural resort and create comerc 2. Gerhasanat There & Wear the crear Bogu General Cru above Services wany Etian To Server 2 By www Matrace & Repair Exploration de repense prayer rowy stained in noe may wanang Simp & Panthers to detecting og Account Name Reva Account re Linding once Glose to come cry TAS 30/10 1.00 Account Name: Salaryan age Este Account PR planation Ending Glose to come umar 200 TOTO Account Name: Account Dance planeton Ending ance close to comery 2500 TOTO 20 Account Nam Income Account DO TOTO 016 TO Leplan even Expense posting close to the coming Acount Name: Hindamine Account Prego *** More Empre Spolowy Die DONE www 2.00 Sem Our 1. Give Me 2. There 4 Nuwber Generell AR D my pewny WE towy Ung 14-0 We ht 4-6 864- MOON Explanation To Dividende to Ratindamine be BE46.Ling the data in 4 enter the income coming dance Not Subtotals and Totale will woman.cally populate you just need to plug in een from the problem above Servere Salary and 27.000 50.000 T.000 40 50.000 50 000 90.00 wut balance 27000 27.000 TO 1000 Income Summary 59.000 SA sub- berano 0.000 50,000 De 2.000 Range 5000 4 2000 2.000 be The ledger of Weeping Willow Golf Club contains the following balances $16,400 Service Revenue Expenses Salaries and Wages Expense Maintenance & Repairs Total expenses Net Income $8,200 $2,500 $10,700 $5,700 Prepare the closing entries at July 31 Recall that the purpose of the closing entries is to dose out the temporary accounts of the company. Temporary accounts include Revenue Accounts, Expense Accounts and Dividends. Step 1 = Identify the Temporary Accounts that fit this definition Service Revenue Salaries and Wages Expense Maintenance & Repairs Step 2 = Create the joumal entries to close out these accounts $16,400 $8,200 $2,500 Our rules: 1. Given that Revenue has a natural credit balance, we will debit revenue accounts and credit the Income Summary account. 2. Given that Expense has a natural debit balance, we will credit expense accounts and debit the Income Summary 3. The resulting balance in the income summary account is cleared to retained earnings. 4. We also clear dividends directly to retained earnings. Step 3: Closing journal entries: Credit General Journal Number Account Titles Debit above 1 Service Revenue Income Summary Explanation: To close Service Revenue Temporary account 2 Income Summary Salaries and Wages Expense Maintenance & Repairs Explanation: To close the Expense Temporary Accounts 3 Income Summary Retained Earnings Explanation: To clear the Income Summary Balance to Retained Earnings ($16.4K - $10.7K) Ch 4 HW Untud BE4-9 + BE4-4 & 4-5 BE4-6 E4-9 Date P.R Debit Explanation Ending balance Close to Income summary Credit 16,400.00 Balance 16,400.00 16,400.00 7/30/19 Account Name: Salary and Wage Expense Account Date P.R Credit Explanation Ending balance Close to income summary Debit 8,200.00 Balance 8,200.00 8,200.00 7/30/19 Account Account Name: Maintenance & Repair P.R Credit Date Debit 2,500.00 Explanation Ending balance Close to income summary Balance 2,500.00 2,500.00 7/30/19 Account: Income Summary Account Name: P.R. Debit Credit Balance Date 7/30/19 7/30/19 7/30/19 Explanation Revenue posting Expense posting Close to retained earnings Account: Retained earnings Account Name: P.R. Balance Debit Credit Date 7/30/19 Explanation Income summary BES BE4-6 BE49 EA The wie Win Wil Golem Servere 3.4 Ego Sale Wagner 12 are a 2200 30 Pew Het at the see her close to your de Reco, Esperan Dudende helderly way to deletion Services Revenue alda 30 Mere Simp2Cthe jumate close the Dur 1h the natural resort and create comerc 2. Gerhasanat There & Wear the crear Bogu General Cru above Services wany Etian To Server 2 By www Matrace & Repair Exploration de repense prayer rowy stained in noe may wanang Simp & Panthers to detecting og Account Name Reva Account re Linding once Glose to come cry TAS 30/10 1.00 Account Name: Salaryan age Este Account PR planation Ending Glose to come umar 200 TOTO Account Name: Account Dance planeton Ending ance close to comery 2500 TOTO 20 Account Nam Income Account DO TOTO 016 TO Leplan even Expense posting close to the coming Acount Name: Hindamine Account Prego *** More Empre Spolowy Die DONE www 2.00 Sem Our 1. Give Me 2. There 4 Nuwber Generell AR D my pewny WE towy Ung 14-0 We ht 4-6 864- MOON Explanation To Dividende to Ratindamine be BE46.Ling the data in 4 enter the income coming dance Not Subtotals and Totale will woman.cally populate you just need to plug in een from the problem above Servere Salary and 27.000 50.000 T.000 40 50.000 50 000 90.00 wut balance 27000 27.000 TO 1000 Income Summary 59.000 SA sub- berano 0.000 50,000 De 2.000 Range 5000 4 2000 2.000 be The ledger of Weeping Willow Golf Club contains the following balances $16,400 Service Revenue Expenses Salaries and Wages Expense Maintenance & Repairs Total expenses Net Income $8,200 $2,500 $10,700 $5,700 Prepare the closing entries at July 31 Recall that the purpose of the closing entries is to dose out the temporary accounts of the company. Temporary accounts include Revenue Accounts, Expense Accounts and Dividends. Step 1 = Identify the Temporary Accounts that fit this definition Service Revenue Salaries and Wages Expense Maintenance & Repairs Step 2 = Create the joumal entries to close out these accounts $16,400 $8,200 $2,500 Our rules: 1. Given that Revenue has a natural credit balance, we will debit revenue accounts and credit the Income Summary account. 2. Given that Expense has a natural debit balance, we will credit expense accounts and debit the Income Summary 3. The resulting balance in the income summary account is cleared to retained earnings. 4. We also clear dividends directly to retained earnings. Step 3: Closing journal entries: Credit General Journal Number Account Titles Debit above 1 Service Revenue Income Summary Explanation: To close Service Revenue Temporary account 2 Income Summary Salaries and Wages Expense Maintenance & Repairs Explanation: To close the Expense Temporary Accounts 3 Income Summary Retained Earnings Explanation: To clear the Income Summary Balance to Retained Earnings ($16.4K - $10.7K) Ch 4 HW Untud BE4-9 + BE4-4 & 4-5 BE4-6 E4-9 Date P.R Debit Explanation Ending balance Close to Income summary Credit 16,400.00 Balance 16,400.00 16,400.00 7/30/19 Account Name: Salary and Wage Expense Account Date P.R Credit Explanation Ending balance Close to income summary Debit 8,200.00 Balance 8,200.00 8,200.00 7/30/19 Account Account Name: Maintenance & Repair P.R Credit Date Debit 2,500.00 Explanation Ending balance Close to income summary Balance 2,500.00 2,500.00 7/30/19 Account: Income Summary Account Name: P.R. Debit Credit Balance Date 7/30/19 7/30/19 7/30/19 Explanation Revenue posting Expense posting Close to retained earnings Account: Retained earnings Account Name: P.R. Balance Debit Credit Date 7/30/19 Explanation Income summary

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