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Following are the financial statements for Courtland Corp. at February 28, 2014. Use this information to prepare the closing entries and to calculate the post- closing balance in the Retained earnings account. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page GJ8 Credit Date F Debit #E Courtland Corp. Income Statement For Month Ended February 28, 2014 Revenues Commissions earned 11,000 Rent earned 5,600 Total revenues Expenses Depreciation expense, furniture 1,420 Rent expense 9,320 Interest expense 1,860 Total expenses Net income 16,600 12,600 4,000 Post-closing balance in Retained earnings = Courtland Corp. Statement of Changes in Equity For Month Ended February 28, 2014 Share Retained Total Capital Earnings Equity Balance, February 1 7,600 10,180 17,780 Issuance of shares 6,300 6,300 Net income 4,000 4,000 Dividends (2,410) (2,410) Balance, February 28 13,900 11,770 25,670 8,730 10,910 24,090 1,760 22,330 41,970 Courtland Corp. Balance Sheet February 28, 2014 Assets Cash Accounts receivable Furniture Accumulated depreciation, furniture Total assets Liabilities Rent payable Short-term notes payable Total liabilities Equity Share capital Retained earnings Total equity Total liabilities and equity 7,910 8,390 16,300 13,900 11,770 25,670 41,970 Following are the financial statements for Courtland Corp. at February 28, 2014. Use this information to prepare the closing entries and to calculate the post- closing balance in the Retained earnings account. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page GJ8 Credit Date F Debit #E Courtland Corp. Income Statement For Month Ended February 28, 2014 Revenues Commissions earned 11,000 Rent earned 5,600 Total revenues Expenses Depreciation expense, furniture 1,420 Rent expense 9,320 Interest expense 1,860 Total expenses Net income 16,600 12,600 4,000 Post-closing balance in Retained earnings = Courtland Corp. Statement of Changes in Equity For Month Ended February 28, 2014 Share Retained Total Capital Earnings Equity Balance, February 1 7,600 10,180 17,780 Issuance of shares 6,300 6,300 Net income 4,000 4,000 Dividends (2,410) (2,410) Balance, February 28 13,900 11,770 25,670 8,730 10,910 24,090 1,760 22,330 41,970 Courtland Corp. Balance Sheet February 28, 2014 Assets Cash Accounts receivable Furniture Accumulated depreciation, furniture Total assets Liabilities Rent payable Short-term notes payable Total liabilities Equity Share capital Retained earnings Total equity Total liabilities and equity 7,910 8,390 16,300 13,900 11,770 25,670 41,970