Question

Victoria Lee Company had the following adjusted trial balance. Victoria Lee Company Adjusted Trial Balance For...

Victoria Lee Company had the following adjusted trial balance.

Victoria Lee Company

Adjusted Trial Balance

For the Month Ended June 30, 2020

Adjusted Trial Balance

Account Titles Debit Credit

Cash $3,712

Accounts Receivable 3,904

Supplies 480

Accounts Payable $1,382

Unearned Service Revenue 160

Owner’s Capital 5,760

Owner’s Drawings 550

Service Revenue 4,300

Salaries and Wages Expense 1,260

Miscellaneous Expense 256

Supplies Expense 1,900

Salaries and Wages Payable 460

$12,062 $12,062

Prepare closing entries at June 30,2020

Prepare a post- closing trail balance

Business   Accounting   
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Answer #1

Closing entries :

Date account and explanation debit credit
June 30 Service revenue 4300
Income summary 4300
(To close revenue)
June 30 Income summary 3416
Salaries and wages expense 1260
Miscellaneous expense 256
Supplies expense 1900
(To close expense account)
June 30 Income summary 884
Owner's capital 884
(To close income summary)
June 30 Owner's capital 550
Owner's drawing 550
(To close drawing account)

Prepare post closing trial balance :

Debit Credit
Cash 3712
Account receivable 3904
Supplies 480
Account payable 1382
Salaries and Wages Payable 460
Unearned Service Revenue 160
Owner's capital 6094
Total 8096 8096
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