Adjusted Trial Balance January 31, 2017 Debit $760 1,620 Credit Supplies Prepaid

Question

Adjusted Trial Balance January 31, 2017 Debit $760 1,620 Credit Supplies Prepaid Insurance Salaries and Wages Payablee Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue $1,080 780 870 540 1,770 4,350 Prepare the closing entries at January 31, 2017. (If no entry is required, select "No Entry when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 (To close revenue account) Jan. 31 To close expense accounts) Jan. 31 To close net income/ Closs

Explanation / Answer

Closing Journal Entries at January 31, 2017

Date

Account Titles and Explanation

Debit ($)

Credit ($)

                 

Jan 31

Service Revenue A/c

4,350

To Income Summary A/c

4,350

[ To Close Revenue Account ]

Jan 31

Income Summary A/c

3,180

To Salaries and Wages Expenses A/c

1,770

To Supplies Expense A/c

870

To Insurance Expense A/c

540

[ To close expense accounts ]

Jan 31

Income Summary A/c

1,170

To Retained Earnings A/c

1,170

[ To close Net Income ]

Date

Account Titles and Explanation

Debit ($)

Credit ($)

                 

Jan 31

Service Revenue A/c

4,350

To Income Summary A/c

4,350

[ To Close Revenue Account ]

Jan 31

Income Summary A/c

3,180

To Salaries and Wages Expenses A/c

1,770

To Supplies Expense A/c

870

To Insurance Expense A/c

540

[ To close expense accounts ]

Jan 31

Income Summary A/c

1,170

To Retained Earnings A/c

1,170

[ To close Net Income ]

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