Exercise 4-20 (Part Level Submission)

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Swifty Corporation is provided below.

Debit

Credit

Accounts Receivable

$53,720

Dividends

19,460

Depreciation Expense

9,770

Equipment

157,470

Salaries and Wages Expense

67,410

Accounts Payable

$39,220

Accumulated DepreciationEquipment

84,950

Unearned Rent Revenue

16,950

Service Revenue

136,010

Rent Revenue

4,590

Rent Expense

2,660

Retained Earnings

45,730

Supplies Expense

1,040

(a)

Prepare closing entries.(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.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

(To close revenue account)

Dec. 31

(To close expense accounts)

Dec. 31

(To close net income to retained earnings)

Dec. 31

(To close dividends to retained earnings)

(b)

Determine the post-closing balance in Retained Earnings.(Post entries in the order of journal entries presented in the previous part.)

Retained Earnings