E 6-5A (LO2) isd e sheqs CLOSING ENTRIES (NET INCOME) Using the following partial listing of T accounts, prepare closing entries in general journal…

6-5

Closing Entries (Net Income)

Use the following partial listing of T accounts to do exercise.

1. Prepare closing entries dated April 30, 20–. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting in part 1.

E 6-5A (LO2)isd e sheqsCLOSING ENTRIES (NET INCOME) Using the following partial listing ofT accounts, prepare closing entries in general journal form dated April 30, 20–. Thenpost the closing entries to the T accounts.SHOWME HOWIncomeSuppliesCash101Summary313Expense524Bal.500Bal.500AccountsGolf InstructionInsuranceReceivable122Fees401Expense535Bal.1,500Bal.4,000Bal100PostaWages Payable219Wages Expense 511Expense536ApplyingBal.400Bal.800Bal.50Chris Williams,AdvertisingGas and OilCapital311Expense512Expense538Bal.9,000Bal.200Bal.150Chris Williams,TravelMiscellaneous312Expense515Expense549DrawingBal.80Bal.1,000Bal.600

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