Acc557 Essay

1606 Words Jan 14th, 2012 7 Pages
Question 2 | | Correct. |
Emil Skoda Company had the following adjusted trial balance. EMIL SKODA COMPANY | Adjusted Trial Balance | June 30, 2008 | | -------------------------------------------------
Adjusted Trial Balance | Account Titles | Debits | | Credits | Cash | $3,712 | | | Accounts Receivable | 3,904 | | | Supplies | 480 | | | Accounts Payable | | | $1,792 | Unearned Revenue | | | 160 | Common Stock | | | 5,000 | Retained Earnings | | | 760 | Dividends | 300 | | | Service Revenue | | | 4,064 | Salaries Expense | 1,344 | | | Miscellaneous Expense | 256 | | | Supplies Expense | 2,228 | | | Salaries Payable |
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Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries. Salaries Expense | | Service Revenue | 6/10 | 3,200 | 6/30 | 8,800 | | 6/30 | 15,100 | 6/15 | 6,700 | 6/28 | 5,600 | | | | | | 6/24 | 8,400 | Retained Earnings | | Supplies Expense | 6/30 | 2,500 | 6/1 | 12,000 | | 6/12 | 600 | 6/30 | 1,300 | | | 6/30 | 2,000 | | 6/24 | 700 | | | | | Bal. | 11,500 | | | | | | Rent Expense | | Dividends | 6/1 | 3,000 | 6/30 | 3,000 | | 6/13 | 1,000 | 6/30 | 2,500 | | | | | | 6/25 | 1,500 | | |
Instructions(a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account | Debit | Credit | Service Revenue | 15100 | | Income Summary | |

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