Question

Exercise 4-07 a-b (Video) Sandhill Company had the following adjusted trial balance. Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,870 Accounts Receivable 3,700 Supplies 590 Accounts Payable $2,000 Unearned Service Revenue 120 Owner's Capital 5,070 Owner's Drawings 460 Service Revenue 5,010 Salaries and Wages Expense 1,400 Miscellaneous Expense 200 Supplies Expense 2,490 Salaries and Wages Payable $12,710 $12,710 510

Answer 1

No.	Account Titles and Explanation	Debit	Credit
1.	Servive Revenue	5010
	Income Summary		5010
	( To close revenue account )
2.	Salaries and Wages Expense	1400
	Miscellaneous Expense	200
	Supplies Expense	2490
	Income Summary		4090
	( To close expense accounts )
3.	Income Summary	920
	Owner's Capital		920
	( To close net income/(loss) )
4.	Owner's Capital	460
	Owner's Drawings		460
	( To close drawings )

Post-Closing Trial Balance :

	Debit	Credit
Cash	3870
Accounts Receivable	3700
Supplies	590
Accounts Payable		2000
Unearned Service Revenue		120
Owner's Capital		5530
Salaries and Wages Payable		510
Total	8160	8160