ES Exercise 4-20 Selected year-end account balances from the adjusted trial bala

Question

ES Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Riverbed Corp. is provided below. Debit $78,410 28,400 14,260 229,820 98,390 Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense 57,240 123,980 24,730 198,500 6,700 3,890 66,740 1,510 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.n account titles and enter 0 for the amounts. Date Account Titles and Explanation Debit Credit Dec. 31 Unearned Rent Revenue 24,730 Service Revenue 198,500 Rent Revenue 6,700 To close revenue account) Dec. 31

Explanation / Answer

Closing entries: Date Accounts title and explanations Debit $ Credit $ 31-Dec Service revenue Dr. 198500 Rent revenue Dr. 6700     Income Summary 205200 31-Dec Income Summary Dr. 118050      Depreciation expense 14260      Salaries and wages expenses 98390      Rent expense 3890      Supplies expenses 1510 31-Dec Income Summary Dr. 86950      Retained earnings 86950 31-Dec Retained earnings Dr. 28400     Dividend account 28400 Retained earningd Dividend 28,400 Balance 66,740 Income Summary 86,950 Balance 125,290

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