Business Finance
Bowie State University Financial Statements of Operose Practice Sheet

Bowie State University

Question Description

I need an explanation for this Accounting question to help me study.

Using the Answer Sheet, complete the closing entries for Operose, Inc., Sweetie Pies by Vern, and Jo-Jo's Yo-Yo's. Use the Notes attached to help you complete the assignment. You may want to use scratch paper to do all the T accounts but for this assignment, you only need to complete the T account for Income Summary.

Unformatted Attachment Preview

Name ____________________________________ Date Operose, Inc. Closing entries 1. Close ___________________________ 2. Close ___________________________ 3. Close_____________________________ 4. Close_____________________________ Income Summary Name ____________________________________ Date Sweetie Pies by Vern Closing entries 1. Close ___________________________ 2. Close ___________________________ 3. Close_____________________________ 4. Close_____________________________ Income Summary Name ____________________________________ Date Jo-Jo’s Yo-Yo’s Closing entries 1. Close ___________________________ 2. Close ___________________________ 3. Close_____________________________ 4. Close_____________________________ Income Summary ...
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Final Answer

Attached.

Name

____________________________________ Date
Operose, Inc.
Closing entries

1. Close ____Revenue_______________________
Account
Service revenue
Other revenues
Advertising revenue
Income Summary

Debit
$9,028
14,749
5,682

Credit

29,459

2. Close ____Expenses_______________________
Account
Income Summary
Salaries expense
Interest expense
Other expenses
Income tax expense
Operating expense

Debit
26,888

Credit
$6,126
1,178
3,213
1,348
...

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