Exam 6: Completing a Worksheet and Completing the Accounting Cycle

The income statement for the month of June, 2022 of Snap Shot, Inc. contains the following information: Revenues \7 ,300 Expenses: Salaries and Wages Expense \ 3,000 Rent Expense 1,300 Advertising Expense 700 Supplies Expense 200 Insurance Expense 100 Total expenses 5,300 Net income (loss) \2 ,000 The entry to close Income Summary to Owner's Capital includes

Kenham Co. was organized on April 1, 2022. The company prepares monthly financial statements. The adjusted trial balance amounts in the April 30 worksheet are shown below. Debit Credit Cash \ 6,700 Accumulated Depreciation- Accounts Receivable 600 Equipment 850 Prepaid Insurance 1,800 Notes Payable 5,000 Supplies 1,000 Accounts Payable 1,510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable 550 Salaries and Wages Expense 9,400 Owner's Capital 13,000 Insurance Expense 1,200 Service Revenue 15,800 Depreciation Expense 850 Rent Revenue 800 Supplies Expense 200 Utilities Expense 510 Interest Expense 50 \3 7,910 \3 7,910 What will be the total in the balance sheet debit column?

Closing entries are journalized after adjusting entries have been journalized.

All of the following statements about the post-closing trial balance are correct except it

These accounts are among the accounts in Sportsline's adjusted trial balance in the worksheet: Accounts payable \ 15,000 Accounts receivable 19,000 Cash 9,000 Equipment 30,000 Notes payable 10,000 Owner's Capital 33,000 What are the total credits in the adjusted trial balance in the worksheet, based only on these accounts?