Closing Entries After the accounts have been adjusted at July 31, the end of the

Question

Closing Entries

After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Hillcrest Landscaping Co.:

Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Hillcrest Landscaping Co Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $630,340 45,000 582,115 389,100 93,400 35,020 11,675 Journalize the four entries required to close the accounts If an amount box does not require an entry, leave it blank July 31 Close revenues Fees Earned Income Summary July 31 Close expenses Income Summary Wages Expense Rent Expense Supplies Expense Miscellaneous Expense July 31 Close income/loss Income Summary Retained Earnings Retained Earnings Dividends July 31 Close dividends

Explanation / Answer

Closing entry :

July 31 Close revenues Fees earned 582115 Income summary 582115 July 31 Close expenses Income summary 529195 Wages expense 389100 Rent expense 93400 Supplies expense 35020 Miscellaneous expense 11675 July 31 Close income/loss Income summary 52920    Retained earnings 52920 July 31 Close dividends Retained earnings 45000 Dividends 45000

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