Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.)Income Summary Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries.Salaries and Wages Expense6/106/28Bal.6/126/24Bal.6/306/1Bal.6/30Supplies Expense6/136/252,700Bal.5,4408,140 6/30 8,1405908901,480 6/30 1,480Service Revenuem18,300 Bal. 18,3003,440Rent Expense6/159,6006/24 8,7003,440 6/30Owner's Capital2,240 6/1 11,9001,4008406/303,4405,240Owner's DrawingsBal. 14,9002,240 6/30 2,240

Closing entries are the journal entries which are made at the end of a financial period to close the…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

100%

Selected accounts for Cullumber's Salon are presented here. All June 30 postings are from closing entries.
Salaries and Wages Expense
6/10
6/28
Bal.
6/12
6/24
Bal.
6/30
6/1
Bal.
6/30
Supplies Expense
6/13
6/25
2,700
Bal.
5,440
8,140 6/30 8,140
590
890
1,480 6/30 1,480
Service Revenue
m
18,300 Bal. 18,300
3,440
Rent Expense
6/15
9,600
6/24 8,700
3,440 6/30
Owner's Capital
2,240 6/1 11,900
1,400
840
6/30
3,440
5,240
Owner's Drawings
Bal. 14,900
2,240 6/30 2,240

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