Exercise 4-20

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

		Debit		Credit
Accounts Receivable		$74,050
Dividends		26,830
Depreciation Expense		13,460
Equipment		217,060
Salaries and Wages Expense		92,920
Accounts Payable				$54,060
Accumulated DepreciationEquipment				117,100
Unearned Rent Revenue				23,360
Service Revenue				187,480
Rent Revenue				6,320
Rent Expense		3,670
Retained Earnings				63,040
Supplies Expense		1,430

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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)

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

Retained Earnings
Jan. 1Dec. 31Bal.		Jan. 1Dec. 31Bal.
Jan. 1Dec. 31Bal.		Jan. 1Dec. 31Bal.
Jan. 1Dec. 31Bal.		Jan. 1Dec. 31Bal.