Homework SourseEdwards Corporation operates hair salons under various brand
Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2013.
Prepare the closing entry required at June 30, 2013. (If no entry is required for a transaction/event, select \"No Journal Entry Required\" in the first account field.)
| Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2013. |
Solution
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| Trail balance before Closing | ||
| $ in Million | ||
| Debit | Credit | |
| Accounts Payable | $ 68 | |
| Accounts Receivable | $ 57 | |
| Accumulated Amortization | $ 38 | |
| Accumulated Depreciation—Equipment | $ 77 | |
| Amortization Expense | $ 19 | |
| Cash | $ 198 | |
| Common Stock | $ 380 | |
| Depreciation Expense | $ 73 | |
| Equipment | $ 680 | |
| Income Tax Expense | $ 19 | |
| Interest Expense | $ 38 | |
| Inventories | $ 148 | |
| Note Payable (long-term) | $ 154 | |
| Note Payable (short-term) | $ 118 | |
| Office Expenses | $ 190 | |
| Prepaid Rent | $ 72 | |
| Rent Expense | $ 320 | |
| Retained Earnings | $ 620 | |
| Salaries and Wages Expense | $ 520 | |
| Salaries and Wages Payable | $ 158 | |
| Service Revenue | $ 1,580 | |
| Software | $ 730 | |
| Supplies Expense | $ 129 | |
| $ 3,193 | $ 3,193 |
