Wiley Week 4 Strayer Ch 4 Homework

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Brief Exercise 4-4

The ledger of Rios Company contains the following balances: Owner’s Capital $28,456; Owner’s Drawings $2,447; Service Revenue $49,784; Salaries and Wages Expense $27,385; and Supplies Expense $6,038.

Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Brief Exercise 4-6

The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $17,132, Salaries and Wages Expense $8,120, Maintenance and Repairs Expense $2,103, and Net Income $6,909.

Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three-column form of account.

Brief Exercise 4-9

At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.

1.		A collection on account from a customer for $969 was recorded as a debit to Cash $969 and a credit to Service Revenue $969.
2.		The purchase of store supplies on account for $1,580 was recorded as a debit to Supplies $1,850 and a credit to Accounts Payable $1,850.

Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 4-7

Kay Magill Company had the following adjusted trial balance.

Exercise 4-8

Plevin Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.