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S&X Co. is a retail store owned by Paul Tuner. During

Customer Question

S&X Co. is a retail store owned by Paul Tuner. During the month of November, the equity accounts were affected by the following events:

Nov.9 Turner invested an additional $15,000 in the business.

Nov.15 Tuner withdrew $1,500 for his salary for the first two weeks of the month.

Nov.30 Turner withdrew $1,500 for his salary for the second two weeks of the month.

Nov.30 S&X distributed $1,000 or earnings to Turner.

INSTRUCTIONS:

a.     Assuming that the business is organized as a sole proprietorship:

1.     Prepare the journal entries to record the above events in the accounts of S&X.
2.     Prepare the closing entries for the month of November. Assume that after closing all of the revenue and expense accounts, the Income Summary account has a balance of $5,000.

Submitted: 7 years ago.
Category: Finance
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Expert:  Manal replied 7 years ago.

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Please find the solution below,. Kindly leave feedback

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