Question

Cullumber Company had the following adjusted trial balance.

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Exercise 4-07 a-b (Video) Cullumber Company had the following adjusted trial balance Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Debit Account Titles Credit $3,500 4,100 600 Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable $1,500 140 4,500 530 5,870 1,200 320 2,390 630 $12,640 $12,640 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented w

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Answer 1

Answers

• Closing entries

Accounts title	Debit	Credit
Service revenue	$5,870
Income Summary		$5,870
(to close revenues)
Income Summary	$3,910
Salaries & Wages expense		$1,200
Miscellaneous expense		$320
Supplies expense		$2,390
(to close expenses)
Income Summary	$1,960
Owner's Capital		$1,960
(to close Income Summary - Net Income)
Owner's Capital	$530
Owner's Drawings		$530
(to close owner's withdrawals)

• Post Closing Trial Balance

Post Closing Trial Balance
for the month ended June 30, 2020
	Debit	Credit
Cash	$3,500
Accounts receivables	$4,100
Supplies	$600
Accounts payable		$1,500
Unearned Service Revenue		$140
Salaries & Wages payable		$630
Owner's Capital		$5,930
TOTAL	$8,200	$8,200