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Accounting: Bob Knight - Closing entries, financial statemen

Income summary, owner's equity, balance sheet, post-closing trial balance to finish this project.

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Bob Night, income summary, owner's equity, balance sheet, post-closing trial balance

Income summary is the closing entries where you need to close the temporary accounts.

April 30 Registration Fees 171,700
Income Summary 171,700

April 30 Income Summary 117,450
Rent Expense 40,000
Wages Expense 40,500
Utilities Expense 2,000
Postage Expense 150
Telephone Expense 1,200
Depreciation Expense 1,000
Office Supply Expense 400
Food Supply Expense 30,700
Insurance Expense 1,500

April 30 Bob Night, Capital 6,000
Bob Night, Drawing 6,000

April 30 Income Summary 54,250
Bob Night, Capital 54,250

BOB NIGHT
Income Statement
For the Month Ended April 30, 20XX

Registration Fees 171,700
Operating Expenses
Rent Expense 40,000 ...

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This solution is comprised of a detailed explanation to prepare income summary, owner's equity, balance sheet, post-closing trial balance.

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