he ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense 1. 2. 3. 4. (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 50,000 34,700 15,300 1,200 Credit 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and

he ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, Service Revenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500. Nos. Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Supplies Expense Salaries and Wages Expense 1. 2. 3. 4. (To close expense accounts) Income Summary Owner's Capital (To close net income/(loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 50,000 34,700 15,300 1,200 Credit 50,000 7,500 27,200 15,300 1,200 Post the balances in T-accounts, post the closing entries, and underline and balance the accounts. Use the numbers as a reference and

Name: Don't give answer in image format The ledger of Sandhill Company conta
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Description: Don't give answer in image format The ledger of Sandhill Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,200, ServiceRevenue $50,000, Salaries and Wages Expense $27,200, and Supplies Expense $7,500.Nos. Account T

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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