Prepare the closing entries for Wagner Services, Inc., on August 31, 2010.
Refer to E7.15.
Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of retained earnings for the month ended August 31, 2010. Dividends of $2,500 were paid during the month and there were no additional capital stock transactions during the month.

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WAGNER SERVICES, INC Adjusted Trial Balance August 31, 2010 Debits $ 4,600 400 650 5,600 Credits Cash Supplies Prepaid rent Equipment Accumulated depreciation-equipment Furniture Accumulated depreciation-furniture Accounts payable Note payable Interest payable Capital stock Retained earnings Service fee revenue Supplies expense Rent expense Interest expense Depreciation expense Postage expense Telephone expense Utilities expense Total S 1200 2700 900 800 3,000 150 6,000 (2,500) 5,800 150 650 25 300 125 50 100 $15,350 $15.350