PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
PROBLEM 5-2B The partial work sheet for Emil Consulting for June is as follows: H. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 6,000.00 Supplies Prepaid Insurance 104.00 1,344.00 10 Equipment Accumulated Depreciation, Equipment 6,751.00 11 Accounts Payable 4,212.00 1,356.00 12 W. Emil, Capital 13 W. Emil, Drawing 15 Consulting Fees Rent Expense 5,367.00 14 1,700.00 9,546.00 16 17 Wages Expense Miscellaneous Expense 1,800.00 1,533.00 18 168.00 19 20 Supplies Expense Insurance Expense 365.00 21 Depreciation Expense, Equipment 23 Wages Payable 364.00 22 700.00 24 348.00 4,930.00 9,546.00 15,899.00 11,283.00 4,616.00 25 Net Income 4,616.00 26 9,546.00 9,546.00 15,899.00 15,899.00 27 Sheet1 Sheet2 Sheet3 <> (Continued) 567 09 The Accounting Cycle for a Service Business: Analyzing Business Transactions igure mary, entry, ,930 Required If you are using Working Papers, complete the following: 1. a. Write the owner's name on the Capital and Drawing T accounts. b. Record the account balances in the T accounts for owner's equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1l through 4. 3. Post the closing entries to the T accounts immediately after you journalize each de to see the effect of the closing entries. Number closing entries 1 through 4. *Skip Step 1 if using CengageNow or CLGL. ,3 of December
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 14.9BE
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 10 images
Recommended textbooks for you
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,