Homework Answers
Solution:
Requirement 1: Closing entries
| Date | Account title and explanation | Debit | Credit |
| Nov. 30 | Service Revenue | $ 37,000 | |
| Income Summary | $ 37,000 | ||
| (To close revenue account ) | |||
| Nov. 30 | Income Summary | $ 12,350 | |
| Insurance Expense | $ 3,000 | ||
| Rent Expense | $ 8,100 | ||
| Supplies Expense | $ 1,250 | ||
| (To close Expense account ) | |||
| Nov. 30 | Income Summary ( $37,000 - $12,350) | $ 24,650 | |
| L. Wilfrid, Capital | $ 24,650 | ||
| (To close income summary ) | |||
| Nov. 30 | L. Wilfrid, Capital | $ 28,000 | |
| L. Wilfrid, Drawings | $ 28,000 | ||
| (To close drawings account) |
Requirement 2:
Balance of L. Wilfrid, Capital = $ 39,650
| Ivanhoe Company | ||
| Owner`s Equity | ||
| L. Wilfrid, Capital At Beginning | $ 43,000 | |
| Add: Owner`s Investment | $ - | |
| Net Income | $ 24,650 | $ 24,650 |
| Sub Total | $ 67,650 | |
| Deduct: L. Wilfrid, Drawings | $ (28,000) | |
| L. Wilfrid, Capital At end | $ 39,650 | |
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