Question

Journalize the closing entries from the financial statement columns of the worksheet. (Credit account titles are automaticall
The trial balance columns of the worksheet for Wildhorse Roofing at March 31, 2020, are as follows. Wildhorse Roofing Workshe
Other data: 1. 2. A physical count reveals only $600 of roofing supplies on hand. Depreciation for March is $250. Unearned re
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Answer #1
Date Account Name Debit Credit
Mar-31 Service revenue ($6,800+570-180) $   7,190
Income summary $   7,190
(To close revenue account)
Mar-31 Income summary $   3,790
Salaries and wages expense ($1,320+700) $   2,020
Misc. expense $      340
Supplies expense ($1,780-600) $   1,180
Depreciation expense $      250
To close expense account)
Mar-31 Income summary ($7,190-$3,790) $   3,400
Owner's capital $   3,400
(To close net income)
Mar-31 Owner's capital $   1,130
Owner's drawings $   1,130

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