Question

The following information relates to TipTopTea for the year ended 30 June 2020. Accounts payable 82,500...

The following information relates to TipTopTea for the year ended 30 June 2020.

Accounts payable

82,500

Accounts receivable

7,500

Accumulated depreciation- Equipment

11,800

Bank Loan (due in 2025)

38,000

Capital

105,400

Cash at bank

186,400

Depreciation expense-Equipment

8,600

Drawings

4,000

Electricity expense

7,500

Equipment

180,000

Prepaid rent

16,500

Rent expense

32,000

Service revenue

282,600

Supplies

3,900

Unearned revenue

19,200

Wages expense

135,400

Wages payable

42,500

Prepare the closing entries for TipTopTea as at 30 June 2020. Narrations are required.

Homework Answers

Answer #1
  • Closing entries asked

Date

Accounts title

Debit

Credit

30-Jun 2020

Service Revenue

$282,600

   Income Summary

$282,600

(to close revenues)

30-Jun 2020

Income Summary

$183,500

Depreciation Expense - Equipment

$8,600

Electricity Expense

$7,500

Rent Expense

$32,000

Wages Expense

$135,400

(to close expenses)

30-Jun 2020

Income Summary

$99,100

   Capital

$99,100

(to close Income Summary - Net Income)

30-Jun 2020

Capital

$4,000

   Drawings

$4,000

(to close owner's withdrawals)

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