people solve Red X SALON MARKETING COMPANY Partial Work Shee

people solve Red X

SALON MARKETING COMPANY Partial Work Sheet Closing Entry Information Post-Closing Trial Balance Adjusted Trial Balance Cr. Cr. Dr. Dr $ 5,000 5.000 25,000 42,000 25,000 42 000 4 17,500 $17,500 31,000 31,000 15,000 4.200 3,600 67,800 15,000 Accounts payable 3,600 Unearned fees E. Salon, Capital E Salon, Withdrawals 65,778 1540012,322 5,400 3 15,400 68900 68,900 fees earned 12,000 27422 12,000 27,422 10,473 6,683 Depreciation expense-E Rent expense 10473 6683 5657801 689000 12,322 Totals 174,978174.978 S 153,200 153.200 s 103,000 S 108,100 174,978S

Solution

SALON MARKETING COMPANY Partial Work Sheet Adjusted Trial Balance Closing Entry Information Post Closing Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash $                5,000 $                     5,000 Accounts receivable                  25,000                       25,000 Equipment                  42,000                       42,000 Accumulated depreciation—Equipment        17,500        17,500 Land                  31,000                       31,000 Accounts payable        15,000        15,000 Salaries payable           4,200           4,200 Unearned fees           3,600           3,600 E. Salon. Capital        65,778                    15,400        12,322 *        62,700 E. Salon. Withdrawals                  15,400        15,400 Marketing fees earned        68,900                    68,900 Depreciation expense—Equipment                  12,000        12,000 Salaries expense                  27,422        27,422 Rent expense                  10,473        10,473 Miscelaneous expenses                    6,683           6,683 Income summary                    56,578        68,900                    12,322 Totals $           174,978 $ 174,978 $              153,200 $ 153,200 $                103,000 $ 103,000 * E. Salon Capital 65778 Add: Net Income 12322 Less: Withdrawal -15400 E. Salon Capital post closing 62700