BE 176

Use the following income statement for the year 2016 for Belle Company to prepare entries to close the revenue and expense accounts for the company.

Service revenue$85,000


Salaries and Wages Expense$40,000

Rent Expense12,500

Advertising Expense    8,700

Total expenses  61,200

Net income (loss)$23,800

BE 177

Coe Company earned net income of $56,000 during 2016. The company had owner drawings totalling $35,000 during the period.  Prepare the entries to close Income Summary and the Owner’s Drawings account.

BE 178

At April 1, 2016, Spiderland Company reported a balance of $20,000 in the Owner’s Capital account. Spiderland Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2016. The company had owner drawings of $10,000 during the month.

(a)Prepare the entries to close Income Summary and  the Owner’s Drawings acccount at April 30, 2016.

(b)What is the balance in Owner’s Capital on the April 30, 2016 post-closing trial balance?

BE 179

Identify which of the following are temporary accounts of San Migael Company.

(1)Owner’s Capital

(2)Owner’s Drawings


(4)Accumulated Depreciation

(5)Depreciation Expense

BE 180

Identify which of the following accounts would have balances on a post-closing trial balance.

(1)Service Revenue

(2)Income Summary

(3)Notes Payable

(4)Interest Expense


BE 181

Prepare the necessary correcting entry for each of the following.

a.A payment on account of $720 was debited to Accounts Payable $270 and credited to Cash $270.

b.The collection of Accounts Receivable of $570 was recorded as a debit to Cash $570 and a credit to Service Revenue $570. is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.

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