ers 1,2 and 3 Saved ledger of Mai Company includes the following accounts with n

Question

ers 1,2 and 3 Saved ledger of Mai Company includes the following accounts with normal balances: Common Stock, $10,400; Dividends, $1,500 Services Revenue, $27,000; Wages Expense, $15,400, and Rent Expense, $4,400. Prepare the necessary closing entries from the available information at December 31 View transaction list Journal entry worksheet Record the entry to close revenue accounts Note: Enter debits before credits General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

Explanation / Answer

31-Dec Service revenue 27000       Income Summary 27000 31-Dec Income Summary 19800       Wages expense 15400       Rent expense 4400 31-Dec Income Summary 7200 =27000-19800        Retained earnings 7200 31-Dec Retained earnings 1500        Dividends 1500

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