Determine post-closing balance in Retained Earnings

Debit Credit

Accounts Receivable $60,980

Dividends 22,090

Depreciation Expense 11,090

Equipment 178,750

Salaries and Wages Expense 76,520

Accounts Payable $44,520

Accumulated DepreciationEquipment 96,430

Unearned Rent Revenue 19,240

Service Revenue 154,390

Rent Revenue 5,210

Rent Expense 3,020

Retained Earnings 51,910

Supplies Expense 1,180

The closing entries will be :

• 1.
• Rent RevenueA/c........Debit $5210
• Service Revenue A/c....Debit $154390
• To Income
• Summary A/c.....Credit $159600
• 2.
• Income Summary A/c...Debit $91810
• To Rent Expense A/c.........Credit $3020
• To Supplies ExpenseA/c...Credit $1180
• To Depreciation
• ExpenseA/c................Credit $11090
• To Salaries and
• Wages Expense A/c....Credit $76520
• 3.
• Income Summary A/c....Debit $67790
• To Retained
• Earnings A/c.........Credit $67790
• 4.
• Retained earnings A/c....Debit $22090
• To Dividends A/c.........Credit $22090