Question

Accounting Cycle Review Do IT 0-10a Cullumber Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $30,080 Supplies Expense 5,640 Accounts Receivable 11,280 Dividends 20,680 Retained Earnings 65,800 Service Revenue 101,520 Salaries and Wages Expense 37,600 Utilities Expense 7,520 Rent Expense 16,920 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.)

Answer 1

Step-by-step explanation:

The closing entry for the following accounts are shown below:

1. Service Revenue A/c Dr $101,520

To Income Summary $101,520

(Being revenue account closed)

2. Income summary A/c Dr $67,680

To Supplies Expense $5,640

To Salaries and Wages Expense $37,600

To Utility Expense $7,520

To Rent Expense $16,920

(Being expenses accounts are closed)

3. Income summary A/c Dr $33,840

To Retained earning $33,840

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $20,680

To Dividend A/c $20,680

(Being dividend account is closed)