Exercise 4-11

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

                Salaries Expense                                             Service Revenue

  6/10     3,200       6/30     8,800                       6/30     15,100     6/15     6,700

  6/28     5,600                                                                                       6/24     8,400

                Retained Earnings                                          Supplies Expense

  6/30     2,500       6/1       12,000                     6/12     600           6/30     1,300

                                  6/30     2,000                       6/24     700                          

                                  Bal.       11,500                                                                  

                Rent Expense                                                   Dividends

  6/1       3,000       6/30     3,000                      6/13     1,000       6/30     2,500

                                                                                  6/25     1,500                      

Instructions

(a)          Prepare the closing entries that were made.

(b)          Post the closing entries to Income Summary.

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