I need help please This will be worth 20 point possible points and is part 2 of

Question

I need help please

This will be worth 20 point possible points and is part 2 of chapter 3 test.

Murray Decorating Studios

Adjusted Trial Balance

December 31, 2014

List of Accounts

Each account has a normal balance

Cash

3032

Accounts receivable

1700

Prepaid expenses

250

Supplies

150

Equipment

4600

Accumulated depreciation

25

Land

3750

Accounts payable

220

Wages payable

400

Utilities payable

52

Short-term note payable

400

Interest payable

37

Income tax payable

244

Unearned revenue

1200

Long-term note payable

3300

Common stock

150

Additional paid-in-capital

8850

Retained earnings

0

Dividends

1500

Decorating revenue

5600

Interest revenue

12

Supplies expense

350

Wages expense

4300

Fuel expense

410

Insurance expense

50

Utilities expense

52

Depreciation expense

25

Interest expense

77

Income tax expense

244

Prepare the closing entries for this company.

List of Accounts

Each account has a normal balance

Cash

3032

Accounts receivable

1700

Prepaid expenses

250

Supplies

150

Equipment

4600

Accumulated depreciation

25

Land

3750

Accounts payable

220

Wages payable

400

Utilities payable

52

Short-term note payable

400

Interest payable

37

Income tax payable

244

Unearned revenue

1200

Long-term note payable

3300

Common stock

150

Additional paid-in-capital

8850

Retained earnings

0

Dividends

1500

Decorating revenue

5600

Interest revenue

12

Supplies expense

350

Wages expense

4300

Fuel expense

410

Insurance expense

50

Utilities expense

52

Depreciation expense

25

Interest expense

77

Income tax expense

244

Explanation / Answer

Step 1: Close all income accounts to Income Summary Date Particulars Debit $ Credit $ 2014 Dec 31 Decorating revenue 5,600.00 Interest revenue 12.00 Income Summary 5,612.00 Step 2: Close all expense accounts to Income Summary 31 Income Summary 5,508.00 Supplies expense 350.00 Wages expense 4,300.00 Fuel expense 410 Insurance expense 50.00 Utilities expense 52 Depreciation expense 25 Interest expense 77 Income tax expense 244 Step 3: Close Income Summary to the Retained Earnings The Income Summary balance is ultimately closed to the Retained Earnings 31 Income Summary 104.00 Retained Earnings 104.00 Step 4: Close Dividend paid 31 Retained Earnings 1,500.00 Dividends

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