The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, ServiceRevenue $51,000, Salaries and Wages Expense $26,400, 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 referenceBal64.Bal.BalBal.Bal>Salaries and Wages Expense26400Supplies Expense7100$1000(2)Service Revenue2100(2)Owner's Drawings(4)28900(4Income SummaryOwner's CapitalV<>264007100$10002100

Closing entries refer to those journal entries that are made at the conclusion of an accounting…

The ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7.100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (14) 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 Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7.100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (14) 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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