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Exercise 4-7
Victoria Lee Company had the following adjusted trial balance.
VICTORIA LEE COMPANY
Adjusted Trial Balance
For the Month Ended June 30, 2017
Adjusted Trial Balance
Account Titles
Debit
Credit
Cash$3,630Accounts Receivable3,960Supplies500Accounts Payable$1,900Unearned Service Revenue130Owner’s Capital4,130Owner’s Drawings480Service Revenue5,540Salaries and Wages Expense1,200Miscellaneous Expense340Supplies Expense1,990Salaries and Wages Payable 400$12,100$12,100
Prepare closing entries at June 30, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
1.
(To close revenue account)
2.
(To close expense accounts)
3.
(To close net income / (loss))
4.
(To close drawings)
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