Prepare the closing entries from the following selected accounts from the records of Amandas Jewels, Inc. at

Prepare the closing entries from the following selected accounts from the records of Amanda’s Jewels, Inc. at December 31, 2014:

How much net income did Amanda’s Jewels earn during 2014? Prepare a T-account for Retained Earnings to show the December 31, 2014, balance of RetainedEarnings.

Transcribed Image Text:

Cost of services sold... Accumulated depreciation Selling, general, and $32,300 4,500 200 400 510 500 $14,600 Service revenu. 41,200 Depreciation expense Other revenue.... administrative expenses.. 6,000 Dividends declared Retained carnings, Income tax cxpens. December 31, 20132,200 Income tax payable.