Assets Current Assets Cash 6680 Accounts Payable 7820 Supplies 400 Prepaid Insurance 2090 Total Current Assets 16990 Property, Plant and Equipment Equipment 9920 Accumulated Depreciation-Equipment 9700 Less 220 26690 Total Liabilities Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 6700 Salaries and Wages Payable 500 Total Current Liabilities 7200 Stockholders' Equity Common Stock 14900 Retained Earnings 4590 Total Stockholders' Equity 19490 Total Liabilities and Stockholders' Equity 26690 Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Account Titles and Explanation Debit Credit Date July 31 (To close revenue account) July 31 To close expense accounts) July 31 (To close net income to retained earnings) July 31 (To close dividends to retained earnings) Cash 14,900 7/1 7/1 2,480 1990 7/5 7/21 2.280 7/18 1860 7/20 2480 7/31 360 7/31 740 7/31 Bal 6,680 Accounts Receivable 4,590 7/21 7/12 1990 7/25 3,100 7/31 2,110 7/31 Bal. 7,820 Supplies 1120 7/31 7/3 720 7/31 Bal 400 Prepaid Insurance 2280 7/21 7/5 190 7/31 Bal 2090 Equipment 7/1 9,920 7/31 Bal 9,920 Accumulated Depreciation-Equipment 7/31 220 7/31 Bal 220 Accounts Pavable 1860 7/1 7/18 7440 7/3 1120 7/31 Bal 6,700 Salaries and Wages Payable 7/31 500 7/31 Bal 500 Common Stock 14900 7/1 7/21 Bal 14,900 Retained Earnings Dividends 7/31 740 Income Summary Service Revenue 7/12 4590 3,100 7/25 7/31 2110 Maintenance and Repairs Expense 7/31 360 Supplies Expense 7/31 720 Depreciation Expense 7/31 220 Insurance Expense 7/31 190 Salaries and Wages Expense 2480 7/20 7/31 500 Assets Current Assets Cash 6680 Accounts Payable 7820 Supplies 400 Prepaid Insurance 2090 Total Current Assets 16990 Property, Plant and Equipment Equipment 9920 Accumulated Depreciation-Equipment 9700 Less 220 26690 Total Liabilities Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 6700 Salaries and Wages Payable 500 Total Current Liabilities 7200 Stockholders' Equity Common Stock 14900 Retained Earnings 4590 Total Stockholders' Equity 19490 Total Liabilities and Stockholders' Equity 26690 Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Account Titles and Explanation Debit Credit Date July 31 (To close revenue account) July 31 To close expense accounts) July 31 (To close net income to retained earnings) July 31 (To close dividends to retained earnings) Cash 14,900 7/1 7/1 2,480 1990 7/5 7/21 2.280 7/18 1860 7/20 2480 7/31 360 7/31 740 7/31 Bal 6,680 Accounts Receivable 4,590 7/21 7/12 1990 7/25 3,100 7/31 2,110 7/31 Bal. 7,820 Supplies 1120 7/31 7/3 720 7/31 Bal 400 Prepaid Insurance 2280 7/21 7/5 190 7/31 Bal 2090 Equipment 7/1 9,920 7/31 Bal 9,920 Accumulated Depreciation-Equipment 7/31 220 7/31 Bal 220 Accounts Pavable 1860 7/1 7/18 7440 7/3 1120 7/31 Bal 6,700 Salaries and Wages Payable 7/31 500 7/31 Bal 500 Common Stock 14900 7/1 7/21 Bal 14,900 Retained Earnings Dividends 7/31 740 Income Summary Service Revenue 7/12 4590 3,100 7/25 7/31 2110 Maintenance and Repairs Expense 7/31 360 Supplies Expense 7/31 720 Depreciation Expense 7/31 220 Insurance Expense 7/31 190 Salaries and Wages Expense 2480 7/20 7/31 500