a Balance Sheet and Recording Closing Journal Entries LO 44

a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5 s 1,430 4,000 4,300 22,000 6,600 2,000 4,900 1,000 4,400 1,800 500 60,030 500 25,600 3,300 6,220 3,400 8,000 Total M4-17

Solution

Closing entries: Accounts title and explanations Debit $ Credit $ Sales revenue Account Dr. 60030 Rent revenue Account Dr. 500       Income Summary Account 60530 Income Summary Account Dr. 51420      Ssalaries and wages expense 25600      Depreciation expense 3300      Utilities expense Account 6220      Insurance expense Account 3400      Rent expense 8000      Income tax expense 4900 Income Summary Account Dr. 9110       Retained earnings Account 9110 Retained earnings Account Dr. 500       Dividend account 500