Sheridan Company shows the following balances in selected ac

Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.

Prepare the remaining closing entries at December 31. (If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account titles are 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

(To close expenses to income summary)

Dec. 31

(To close net income to retained earnings)

Dec. 31

(To close dividends to retained earnings)

Supplies		$24,320
Supplies Expense		4,560
Accounts Receivable		9,120
Dividends		16,720
Retained Earnings		53,200
Service Revenue		82,080
Salaries and Wages Expense		30,400
Utilities Expense		6,080
Rent Expense		13,680

closing entries at December 31 :

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	Service Revenue	82,080
	To Income summary		82,080
	(To close revenue to income summary)


Dec. 31	Income summary	54720
	To Supplies Expense		4,560
	To Salaries and Wages Expense		30,400
	To Utilities Expense		6,080
	To Rent Expense		13,680
	(To close expenses to income summary)


Dec. 31	Income summary [82,080 - 54720]	27360
	To retained earnings		27360
	(To close net income to retained earnings)


Dec. 31	Retained earnings	16,720
	To Dividends		16,720
	(To close dividends to retained earnings)

Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Prepare the remaining closing entries at December 31. (If no e

Sheridan Company shows the following balances in selected ac

Solution

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