The ledger of Swann Company contains the following balances: Retained Earnings $
ID: 2361494 • Letter: T
Question
The ledger of Swann Company contains the following balances: Retained Earnings $31,120; Dividends $2,800; Service Revenue $57,120; Salaries Expense $27,750; and Supplies Expense $4,580. Prepare the closing entries at December 31. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Date
Date
Description/Account Debit Credit Dec. 31 Income SummarySupplies ExpenseDividendsSalaries ExpenseRetained earningsService Revenue Income SummaryService RevenueSupplies ExpenseSalaries ExpenseRetained earningsDividends (To close revenue account.) 31 DividendsService RevenueSalaries ExpenseIncome SummarySupplies ExpenseRetained earnings Salaries ExpenseIncome SummaryRetained earningsSupplies ExpenseDividendsService Revenue DividendsSupplies ExpenseService RevenueIncome SummarySalaries ExpenseRetained earnings (To close expense accounts.) 31 Service RevenueDividendsIncome SummarySalaries ExpenseSupplies ExpenseRetained earnings Supplies ExpenseIncome SummaryDividendsSalaries ExpenseService RevenueRetained earnings (To close net income to retained earnings.) 31 DividendsSalaries ExpenseSupplies ExpenseRetained earningsService RevenueIncome Summary Retained earningsService RevenueSupplies ExpenseSalaries ExpenseDividendsIncome Summary (To close dividends to capital.)Explanation / Answer
Sales (DR) 57,120 Income Summary (Cr) 57,120 Income Summary (DR) 32,330 Salaries Exp (CR) 27,750 Supplies Exp (CR) 4,580 Income Summary (DR) 24,790 Retained Earnings (CR) 24,790 Retained Earnings (DR) 2,800 Dividends (CR) 2,800
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