Respuesta :
Based on the entries given, the balances when posted in T-accounts would be:
Owner's Capital a/c
Drawings $2,000 Balance c/d $30,000
Balance b/f $40,000 Income summary $12,000
$42,000 $42,000
Service revenue a/c
Cash $58,000
Profit and loss account $58,000
$58,000 $58,000
Salaries and Wages
Cash $39,000 Income summary $39,000
$39,000 $39,000
Supplies a/c
Cash $ 7,000 Income summary $7,000
$7,000 $ 7,000
Income summary a/c
Salaries and wages $39,000 Service revenue $58,000
Supplies expense $7,000
Capital a/c $12,000
$58,000 $58,000
Journal entries will be:
Date Account title Debit Credit
Owner's capital $2,000
Drawings $2,000
Date Account title Debit Credit
Income summary $46,000
Salaries and wages expense $39,000
Supplies expense $7,000
Date Account title Debit Credit
Service revenue $58,000
Income summary $58,000
Date Account title Debit Credit
Income summary $12,000
Owner's capital $12,000
What would be the closing balances?
The closing balance will close off the temporary accounts which include expense accounts such as salaries and wages, and supplies. They will be sent to the Income summary account.
The owner's capital account will receive the profit for the period and will be debited for any drawings made. Accounts should always balance as shown above.
Find out more on closing account balances at https://brainly.com/question/24914390.
