Exercise 4-20 (Part Level Submission)

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

		Debit		Credit
Accounts Receivable		$68,240
Dividends		24,720
Depreciation Expense		12,410
Equipment		200,030
Salaries and Wages Expense		85,630
Accounts Payable				$49,820
Accumulated DepreciationEquipment				107,910
Unearned Rent Revenue				21,530
Service Revenue				172,770
Rent Revenue				5,830
Rent Expense		3,380
Retained Earnings				58,090
Supplies Expense		1,320

(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)