- The adjusted trial balance provided is for Plevin Company as of July 31, 2014 and includes account titles and debit/credit balances
- An income statement was prepared showing revenues, expenses and a net loss of $8,100 for the year ended July 31, 2014
- An owner's equity statement was also prepared showing no changes to owner's equity during the year
- Closing entries were made on June 30 to close revenue and expense accounts to the income summary account and then to close income summary and owner's equity accounts
4. $129,120
$129,120
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(a1)
Your answer is correct.
Prepare an income statement for the year.
PLEVIN COMPANY
Income Statement
For the Year Ended July 31, 2014
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(a2)
Prepare an owner’s equity statement for the year. Plevin did not
make any capital investments during the year. (List items that
increase owner's equity first.)
PLEVIN COMPANY
Owner’s Equity Statement
For the Year Ended July 31, 2014
7. $
:
$
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Exercise 4-11 (Part level Submission)
Prepare the closing entries that were made. (Credit account
titles are automatically indented when amount is entered. Do
not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 30
Service Revenue
18100
9. Income Summary
18100
(To close revenue account.)
June 30
Income Summary
13100
Salaries and Wages Expense
8800
Supplies Expense
1300
Rent Expense
3000
(To close expense account.)
June 30
Income Summary
5000
Owner's Capital
10. 5000
(To close net income / (loss).)
June 30
Owner's Capital
2500
Owner's Drawings
2500
(To close drawings.)
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(b)
Post the closing entries to Income Summary. (Post entries in the
order of journal entries posted in the previous part of the
question.)
Income Summary
June 30
June 30
June 30
June 30
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Salaries and W
8800
Supplies Expe
1300
Rent Expense
3000
Income Summa
5000
res_EAT_135425
Owner's Capit
5000
Owner's Capit
2500
Owner's Draw