Question

"Exercise 4-04 a-c The adjusted trial balance columns of the worksheet for Wildhorse Company are as follows. WILDHORSE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Accountries 11.300 8.000 ACCP Own Capital Owners Drawing Service Revenue Sales and Wages Expense Rent Expense Depreciations Interest Expense Interest Payable Total Your answer is correct. Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) e Na Bale Are The d 1. Service Revenue Tecome Summary Credit 2005 5900 Wag Espanse dodol பொப் போன் banana Your answer is partially correct. Try again. Post the closing entries. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary 12303 15000

Answer 1

Wildhorse Company
Post Closing Entries
General,Journal	Debit	Credit
Service Revenue	$                                                15,900.00
To Income Summary		$                       15,900.00
( Service revenue transferred to Income summary account)
Income Summary	$                                                12,340.00
To Salaries & Wages Expense		$                       10,800.00
To Rent Expense		$                             800.00
To Depreciation Expense		$                             690.00
To Interest Expense		$                               50.00
(Expenses transferred to Income Summary Account)
Income Summary	$                                                  3,560.00
To Owner's Capital		$                         3,560.00
(Being Income transferred to Owner's Capital Account)
Owner's Capital	$                                                  3,600.00
To Owner's Drawings		$                         3,600.00
(Being amount of Drawings transferred to Owner's Capital account)
Income Summary Account
Particular	Debit	Particular	Credit
Salaries & Wages	$                                                10,800.00	Service Revenue	$                                          15,900.00
Rent Expense	$                                                      800.00
Depreciation Expense	$                                                      690.00
Interest Expense	$                                                        50.00
Owner's Capital	$                                                  3,560.00
Total	$                                                15,900.00	Total	$                                          15,900.00
Owner's Capital Account
Particular	Debit	Particular	Credit
To Owner's Drawings	$                                                  3,600.00	Balance b/d	$                                          28,690.00
To Balance C/d	$                                                28,650.00	By Income Summary	$                                            3,560.00
Total	$                                                32,250.00	Total	$                                          32,250.00
Owner's Drawings Account
Particular	Debit	Particular	Credit
To Balance b/d	$                                                  3,600.00	By Owner's Capital Account	$                                            3,600.00
Total	$                                                  3,600.00	Total	$                                            3,600.00
Wildhorse Company
Post Closing Trial Balance April 30th,2020
Account Title & Explanation	Dr	Cr
Cash	$                                                11,300.00
Accounts Receivable	$                                                  8,000.00
Prepaid Rent	$                                                  2,300.00
Equipment	$                                                23,200.00
Accumulated Depreciation-Equipment		$                         5,200.00
Notes Payable		$                         5,800.00
Accounts Payable		$                         5,100.00
Interest Payable		$                               50.00
Owner's Capital		$                       28,650.00
Total	$                                                44,800.00	$                       44,800.00