Sandhill Co shows the following balances in selected account

Sandhill Co. shows the following balances in selected accounts of its adjusted trial balance Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $29,440 5,520 11,040 20,240 64,400 99,360 36,800 7,360 16,560 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.)

Solution

Journal Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 99,360 Income Summary 99,360 (To close revenue to income summary) Dec. 31 Income Summary 66,240 Supplies Expense 5,520 Salaries and Wages Expense 36,800 Utilities Expense 7,360 Rent Expense 16,560 (To close expenses to income summary) Dec. 31 Income Summary 33,120 Retained Earnings 33,120 (To close net income to retained earnings) Dec. 31 Retained Earnings 20,240 Dividends 20,240 (To close dividends to retained earnings)