Selected accounts for Tamora's Salon are presented below. All June 30 postings are from closing entries

Selected accounts for Tamora's Salon are presented below. All June 30 postings are from closing entries.

Instruction

Prepare the closing entries that were made.
Post the closing entries to Income Summary.

Solution

Tamora's Salon
Closing Journal Entries

Tamora's Salon
T-Accounts

Problems: Completing the Accounting Cycle

"A worksheet is a permanent accounting record and its use is required in the accounting cycle." Do you agree? Explain.

Explain the purpose of a worksheet.

Process of preparing closing entries.

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Completing the Accounting Cycle

Problem-13: Completing the Accounting Cycle

Instruction

Solution

Problems: Completing the Accounting Cycle

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