The alphabetical listing below includes all of the adjusted account balances of

Question

The alphabetical listing below includes all of the adjusted account balances of T.O.’s Dance Studio as of December 31, 2015. All account balances are normal.

The alphabetical listing below includes all of the adjusted account balances of TO.'s Dance Studio as of December 31, 2015. All account balances are normal. S4,200 8,500 quipment 3,600 2,700 4,000 1,300 1,600 9,600 1,200 1,200 1,700 3,700 8,200 18,100 2,600 Accounts Payable Accumulated Depreciation--Equipment3 Common Stock Cash Depreciation Expense Equipment Income Tax Expense Income Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Service Revenue Unearned Revenue Required: a. Prepare the closing entries. (If no entry is required for a transaction event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry to close the income summary account. ransaction General Journa Debit Credit *Enter debits before credits record entry

Explanation / Answer

Record the entry to close the income summary account Transaction General Journal Debit Credit 1 Service Revenue $18,100 Depreciation Expense $1,300 Income tax expense $1,200 Rent Expense $1,700 Salaries and Wages Expense $8,200 Retained Earnings $5,700 (To record closing entry of income summary account) Record the Entry for Dividend declared $1,600 Transaction General Journal Debit Credit 2 Retained Earnings $1,600 Dividends $1,600 (To record closing of dividend)) T.O's DANCE STUDIO Post-Closing Trial Balance At December 31, 2015 Account Name Debits Credits Cash $4,000 Accounts Receivable $8,500 Equipment $9,600 Accumulated Depreciation - Equipment $3,600 Accounts Payable $4,200 Income Tax Payable $1,200 Unearned Revenue $2,600 Common Stock $2,700 Retained Earnings $7,800 Service Revenue $0 Salaries and Wages Expense $0 Rent Expense $0 Depreciation Expense $0 Income Tax Expense $0 Totals $22,100 $22,100 T.O's DANCE STUDIO Balance Sheet At December 31, 2015 Assets Liabilities and Stockholders' Equity Current Assets: Liabilities:      Cash $4,000 Current Liabilites:       Accounts Receivable $8,500       Accounts Payable $4,200              Total Current Assets $12,500       Income Tax Payable $1,200       Unearned Revenue $2,600 Equipment $9,600              Total Liabilities $8,000 Less: Accumulated Depreciation ($3,600)        Equipment, Net $6,000 Stockholders' Equity Common Stock $2,700 Retained Earnings $7,800 Total Stockholders' Equity $10,500 Total Assets $18,500 Total Liabilities and Stockholders' Equity $18,500

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