Question

At March 31, account balances after adjustments for Wide Screen are as follows:

Accounts		Account Balances (After Adjustment)
Cash		$11,000
Supplies		4,000
Equipment		50,000
Accumulated Depreciation—Equipment		12,000
Accounts Payable		5,000
Owner’s, Capital		20,000
Owner’s, Drawings		8,000
Ticket Revenue		59,000
Service Revenue		55,000
Advertising Expense		18,800
Supplies Expense		17,000
Depreciation Expense		4,000
Rent Expense		26,000
Salaries and Wages Expense		24,000
Utilities Expense		5,200

repare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
Mar. 31
	(To close revenue account.)
Mar. 31
	(To close expense accounts)
Mar. 31
	(To transfer net income to capital)
Mar. 31
	(To close drawings to capital)

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Mar. 31	Ticket revenue	$59,000	-
	Service revenue	$55,000	-
	Income summary	-	$114,000
	(To close revenue accounts)
Mar. 31	Income summary	$95,000	-
	Advertising expense	-	$18,800
	Supplies expense	-	$17,000
	Depreciation expense	-	$4,000
	Rent expense	-	$26,000
	Salaries and wages expense	-	$24,000
	Utilities expense	-	$5,200
	(To close expense accounts)
Mar. 31	Income summary ($114,000 - $95,000)	$19,000	-
	Owner's capital	-	$19,000
	(To transfer net income to capital)
Mar. 31	Owner's capital	$8,000	-
	Owner's drawings	-	$8,000
	(To close drawings to capital)