I Need some help Selected accounts for Kennedy Photography D

I Need some help

Selected accounts for Kennedy Photography December 31, 2018, follow: (Click the icon to view the selected accounts.) Requirements 1. Journalize Kennedy Photography\'s closing entries at December 31, 2018 2. Determine Kennedy Photography\'s ending Retained Earnings balance at December 31, 2018 Accounts and Explanation Debit Credit Date 39000 Dec. 31 Clos. (1) Service Revenue Income Summary To close revenues Close expenses for the period Date Accounts and Explanation Debit Dec. 31 Income Summary Clos. (2)Salaries Expense 2900 Supplies Expense Depreciation Expense- Furniture Depreciation Expense-Building To close expenses 7200 Close Income Summary Date Accounts and Explanation Debit Credit Retained Earnings Dec. 31 Clos. (3) Income Summary To close Income Summary Close Dividends Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings Dividends Clos. (4) To close Dividends Choose from any list or enter any number in the input fields and then continue to the next question

Solution

31-Dec Service revenue 39500        Income summary 39500 31-Dec Income summary 42300        Salaries expense 31000        Supplies expense 2900         Depreciation expense-Furniture 1200         Depreciation expense-Building 7200 31-Dec Retained earnings 2800 (42300-39500)        Income summary 2800 31-Dec Retained earnings 13000       Dividends 13000 2 Retained Earnings balance Dec 31,2018 = 45000-2800-13000= 29200