ppactice setcompleting the accounting cyclei closinginst ructidns make the closingth 4526198

PPACTICE SETCOMPLETING THE ACCOUNTING CYCLEI.CLOSINGInst:ructidns:Make the Closingthe Post-ClosingTrial Balance.Sept.30 IncomeJOURNAL ENTRIESEntries,post to the General Ledger and completeBe sure to name the unlabeled T ac~ount.DR.97SUITmaJ:’YCR.DR.Sept.30 IroningIncomeSept.II.30GENERAL LEDGER~Capital.IAccountsReceivable20Salaries45IIroningPayable6IIunearnedIroningRevenue. .AdvertJ.sJ.n~Withdrawals,Linda Smith305I515IroniI1,9″ E~:i.pmentAccumulateT~~efhoneIIISalariesIIRevenueAdvertisin~Id ~recJ.aIEXPENSES~lies60Linda Smith,150I105~idSUITmaJ:’Y30Sept.CR.Revenue.tion6Ironin~~150III.SQpplies5IIIDepreciation1IIPOST-CLOSING TRIAL BALANCESpeedy IroningServicePost-ClosingTrialBalanceSeptember30, 1991CashAccountsReceivablePrepaidAdvertisingIroningSUppliesIroningEquipmentAccumulatedDepreciation,IroningEquipmentAccountsPayableSalariesPayableunearnedIroningCapital,Linda SmithServices$23526$235185InstructionsPart IV:V:VI:Cc>nplete the Reversing Entry and pay Oct. 2nd payroll.Make the Correcting Entry.Fill in the missing accounting steps.IV.PayingSalaries-No ReversingEntry.Sept. 202DR.Salaries ExpenseSalariesOct.REVERSING ENTRIESSalariesSalariesCashPayingCR.6Sept.6PayableSalaries30Oct.Oct.66ExpensePayable1-ReversingEntryDR.6Salaries ExpenseSalaries PayableCR.6212v. CORRECTINGENTRIESOn Oct. 8, Linda discovered that a $5 purchase of IroningSupplies had been posted to the Ironing Equipment account.VI.1. JournalTHE THIRTEEN ACCOUNTING4.5. Post to Ledger6.Entries2.3.VII.OWNERI7. IncomeStatement8.S EQUITYVS.STEPS9.10.11. Post-ClosingTrial BalanceSTOCKHOLDERS I12.13.EQUITYInstructions:entriesGiven the entries Linda Smith made as a sole proprietor, make the requiredfor a corporation.Assume shares of Common Stock sold at Par for $1 per share.CashCapital, Linda SmithDR.150STARTING A BUSINESSCR.DR.CR.150RECORDING EARNINGSIncome SummaryCapital, Linda Smith8888DISTRIBUTINGWithdra’llals,CashLinda SmithCapital,Linda Smith30Withdra’llals,Linda Smith3030EQUITY..EARNINGS30SECTIONOwner EquityI sLinda Smith, Capital, SeptemberI, 1992Net Income$ 88Withdra’llals~Capital,September 30OF BALANCE SBEE’I’Stockholders’ Equity$150~S208$150-5.e.Total Stockholders I Equity27S208

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