Credit Debit $78,410 28,400 14,260 229,820 98,390 Accounts Receivable Dividends

Question

Credit Debit $78,410 28,400 14,260 229,820 98,390 Accounts Receivable Dividends Depreciation Expense Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment $57,240 123,980 24,730 198,500 6,700 Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense 3,890 66,740 1,510 Your answer is partially correct. Try again Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not inder account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Dec. 31 iRent Revenue 6,700 198,500 Income Summary 205,200 To close revenue account) Dec. 31 Income Summary 118,050 Depreciation Expense 40 2 3 4 5 6 8 Q W F

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 expenses 14260     Salaries and wages expense 98390     Rent expenses 3890     Supplies expenses 1510 31-Dec Income summary Dr. 87150      Retained earnings 87150 31-Dec Retained earnings Dr. 28400      Dividends Account 28400 Retained earnings Dividend 28,400 Balance 66,740 Income Summary 87,150 Balance 125,490

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