The ledger of Pharoah Company contains the following balances: Owner's Capital $29,400, Owner's Drawings $1,600, ServiceRevenue $52,000, Salaries and Wages Expense $25,400, and Supplies Expense $7,100.The closing entries are as follows:(1) Close revenue accounts.(2)Close expense accounts.(3)Close net income/(loss).(4) Close drawings.Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.>Salaries and Wages ExpenseSupplies ExpenseService RevenueOwner's DrawingsIncome SummaryOwner's Capital

The closing entries are prepared to close the temporary accounts of the business. The T-accounts are…

The ledger of Pharoah Company contains the following balances: Owner's Capital $29,400, Owner's Drawings $1,600, Service Revenue $52,000, Salaries and Wages Expense $25,400, and Supplies Expense $7,100. The closing entries are as follows: (1) Close revenue accounts. Close expense accounts. Close net income/(loss). (2) (3) (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.

The ledger of Pharoah Company contains the following balances: Owner's Capital $29,400, Owner's Drawings $1,600, Service Revenue $52,000, Salaries and Wages Expense $25,400, and Supplies Expense $7,100. The closing entries are as follows: (1) Close revenue accounts. Close expense accounts. Close net income/(loss). (2) (3) (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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