edugen.wileyplus.com ncial Acct (ACC-110-099wB) WileyPLUS Kimmel, Accounting, 6e

Question

edugen.wileyplus.com ncial Acct (ACC-110-099wB) WileyPLUS Kimmel, Accounting, 6e Assignment Gradebook ORION Downloadable eTextbook Do It! Review 4-4b Wildhorse Co. shows the following balances in selected accounts of its adjusted trial balance. $25,600 4,800 9,600 17,600 56,000 86,400 32,000 6,400 14,400 Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Prepare the remaining closing entries at December 31. (If no entry is required, select "No Entry f automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue to income summary) Dec. 31 Sons, Ioc, All Rights Reserved. A Division of John Wiley & Sons. Ios

Explanation / Answer

Date General Journal Debit Credit 31-Dec Service Revenue $        86,400 Income Summary $        86,400 (To close revenue to income summary) 31-Dec Income Summary $        57,600 Supplies Expenses $          4,800 Salaries and Wages expenses $        32,000 Utilities Expenses $          6,400 Rent Expenses $        14,400 (to close expenses to income summary) 31-Dec Income Summary $        28,800 Retained earnings $        28,800 (To close net income to retained earnings) 31-Dec Retained earnings $        17,600 Dividends $        17,600 (To close dividends to retained earnings)

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