Prepare closing entries (Learning Objective 4) 10–15 min.

Requirements 1. Using the following selected accounts of Jona and Son Electrical, Inc., at April 30, 2014, prepare the entity’s closing entries:

2. What is Jona and Son Electrical’s ending Retained Earnings balance at April 30, 2014?AppendixLO1

Transcribed Image Text:

Common Stock ........... $22,000 Accounts Receivable.......... $ 7,000 Service Revenue 54,000 Retained Earnings...... 4,200 Unearned Revenues. 2,100 Salaries Payable.......... 1,300 Salaries Expense. 20,800 Depreciation Expense..... 2,600 Accumulated Depreciation............ 30,000 Rent Expense. 5,900 Supplies Expense............... 1,800 Dividends..... 16,000 Interest Revenue. 500 Supplies.... 1,700 Interest Expense. 2,400