Question

I could use some help filling out the E salon capital and the income summary rows. Its missing something

Exercise 4-10 Entering data for closing entries and a post-closing trial balance LO P2, P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries in the middle columns and (2) completing the post-closing trial balance columns. SALON MARKETING CO. Partial Work Sheet Adjusted Trial Balance Closing Entry Information Post-Closing Trial Balance No. Account Title Dr. Cr. Dr. Cr. Dr. Cr. 101 Cash $ 9,200 $ 9,200 106 Accounts receivable 25,000 25,000 42,000 42,000 $ 17,500 17,500 31,000 31,000 15,000 4,200 3,600 15,000 4,200 3,600 66,900 68,500 15,400 153 Equipment 154 Accumulated depreciation Equipment 183 Land 201 Accounts payable 209 Salaries payable 233 Unearned fees 301 E. Salon, Capital 302 E. Salon, Withdrawals 401 Marketing fees earned 611 Depreciation expense-Equipment 622 Salaries expense 640 Rent expense 677 Miscellaneous expense 901 Income summary 15,400 15,400 80,000 80,000 12,000 32,500 12,000 32,500 13,000 8,700 13,000 8,700 80,000 Totals $ 188,800 $ 188,800 $ 95,400 $ 161,600 $ 107,200 $ 107,200

Answer 1

No Dr. Dr. Account Title 101 Cash 106 Accounts receivable 153 Equipment 154 Accumulated depreciation- Equipment 183 Land 201 Accounts payable 209 Salaries payable 233 Unearned fees 301 E.Salon, Capital 302 E.Salon, Withdrawls 401 Marketing fees earned 611 Depreciation expense - Equipment 622 Salaries expense 640 Rent expense 677 Miscellaneous expense 901 Income summary SALON MARKETING CO. Partial Work Sheet Adjusted Trial Balance Closing Entry Information Post Closing Trial balance Cr. Dr. Cr. Cr. $ 9,200 $ 9,200 25,000 25,000 42,000 42,000 $ 17,500 $ 17,500 31,000 31,000 15,000 15,000 4,200 4,200 3,600 3,600 68,500 15,400 13,800 66,900 15,400 15,400 80,000 80,000 12,000 12,000 32,500 32,500 13,000 13,000 8,700 8,700 66,200 80,000 13,800 $ 188,800 $ 188,800 $ 175,400 $ 175,400 $ 107,200 $ 107,200

Notes: No. 1) Credit Closing Entry Accounts Marketing fees earned Income summary (to close income account) Debit 80,000 80,000 2) 66,200 Income summary Depreciation expense - Equipment Salaries expense Rent expense Miscellaneous expense (to close expense account) 12,000 32,500 13,000 8,700 3) 13,800 Income summary (80,000-66,200) E.Salon, Capital (to close income summary account) 13,800 4) 15,400 E.Salon Capital E.Salon withdrawls (to close withdrawls account) 15,400

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