BRIEF EXERCISES
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
Expenses:
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
(3)Equipment
(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
(5)Cash
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.
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