Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit dredit Dec. 31 Service Revenue 100,000 Dec. 31 Income Summary 46,00 Income Summary 100,000 Retained Earnings 46,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 24,000 Dec. 31 Income Summary 54,000 Dividends 24,000 Depreciation Expense-Furniture 9,000 To close Dividends Interest Expense 12,000 Rent Expense 5,000 Salaries Expense 10,000 Supplies Expense 18,000 Adj. Bal Depreciation Expense--Furniture 9,000 Dividends Adj. Bal 24.000 Interest Expense Adj. Bal. 12.000 Adj. Bal.. Retained Earnings 41,000 Supplies Expense 18,000 Adj. Bal Adj. Bal To close Expenses Rent Expense 5,000 Service Revenue 100,000 Adj. Bal Salaries Expense Adj. Bal 10,000 Income Summary