Following is the adjusted trial balance, with account sted in alphabetical order for X-ceiling at January 31, 2014. Use this information to prepare the closing entries Use tumors below as the description for the corresponding dowing only 1. Close all tomporary credit balance accounts to the income summary count 2. Close all femporary debit balance accounts to the income una account 3. Close the income summary frencome) to retained earnings 4 Close the income sunarinetto retained earnings 5. Close dividends to retained earnings Enter the dates in the format de 15 Jan) PH LA Tralatan any 2014 Debt Credit Accounts payabi 4420 Accounts recente 10 Acum deprecation, une 950 Cash 5.440 Consulting revende med 0.670 Cost of goods 5200 Depreciation expers fumitur 920 Dividende 1.550 Fun 4.400 steamed 3,070 Office same openie 4210 Hunterperson 5.110 Ratana naming 16.40 Salas pense 12,200 Sales payable 000 10.270 Bolsascos 1.030 Bales retums and allowance $80 3.570 Share tapital 5,450 56,00 51,730 Choose an Account or Heading Categories: Accounts and Headings: All Accounts Payable Assets Accounts Receivable Liabilities Accumulated Depreciation, Automobiles Equity Accumulated Depreciation, Boats Equity Accumulated Depreciation, Building Revenues Accumulated Depreciation, Equipment Expenses Accumulated Depreciation, Furniture Other Accumulated Depreciation, Land Improvements Accumulated Depreciation, Machinery Accumulated Depreciation, Office Equipment Accumulated Depreciation, Office Fixtures Accumulated Depreciation, Office Furniture Accumulated Depreciation, Store Equipment Accumulated Depreciation, Store Fixtures Accumulated Depreciation, Store Furniture Accumulated Depreciation, Trucks Advertising Expense Advertising Payable Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: 11 - Advertising Payable ssets Automobiles abilities Boats quity Bonds Payable Equity Building Revenues Cash Expenses Commissions Earned Other Consulting Revenue Earned Copyright Cost Of Goods Sold Delivery Expense Depreciation Expense, Automobiles Depreciation Expense, Boats Depreciation Expense, Building Depreciation Expense, Equipment Depreciation Expense, Furniture Depreciation Expense, Land Improvements Denreciation Expense Machinery Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: 1 Depreciation Expense, Machinery ssets Depreciation Expense, Office Equipment abilities Depreciation Expense, Office Fixtures quity Depreciation Expense, Office Furniture Equity Depreciation Expense, Store Equipment Revenues Depreciation Expense, Store Fixtures Expenses Depreciation Expense, Store Furniture Other Depreciation Expense, Trucks Depreciation expense Dividends Equipment Furniture Income Summary Income Taxes Expense Income Taxes Payable Insurance Expense Interest Earned - Interest Expense Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Interest Expense Assets Interest Payable Liabilities Interest Receivable Equity Investment in Bonds Equity Land Revenues Land Improvements Expenses Long-Term Notes Payable Other Long-term Investment in Shares Machinery Merchandise Inventory Mortgage Payable Notes Receivable Office Equipment Office Fixtures Office Furniture Office Salaries Expense Office Supplies Expense Patents Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Patents Assets Prepaid Advertising Liabilities Prepaid Insurance Equity Prepaid Interest Equity Prepaid Rent Revenues Property Taxes Expense Expenses Property Taxes Payable Other Rent Earned Rent Payable Rent Receivable Rent expense, office space Rent expense, selling space Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Search: A Choose an Account or Heading egories: Accounts and Headings: Sales ets Sales Discounts ilities Sales Returns and Allowances ty Sales Salaries Expense ity Share Capital venues Short-Term Notes Payable Denses Store Equipment ner Store Fixtures Store Furniture Store Supplies Expense Supplies Supplies Expense Trademark Trucks Unearned Consulting Revenue Unearned Rent Unearned Revenue Utilities Expense Search: Erase Cancel Question 7 [15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). or X-cell Inc, at January 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for X-cell Inc. Adjusted Trial Balance January 31, 2014 Accounts payable Accounts receivable Accumulated depreciation, furniture Cash Consulting revenue earned Cost of goods sold Depreciation expense, furniture Dividends Furniture Interest earned Office salaries expense Rent expense, selling space Retained earnings Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Sales salaries expense Share capital Totals Debit Credit 4,420 6,910 950 5,440 8,670 5,200 920 1,550 4,450 3,970 4,210 5,110 16,940 12,260 6,080 10,270 1,530 580 8,570 5,430 56.730 56.730 s to the income summary account. to the income summary account retained earnings. ained earnings. ). General Journal Account/Explanation Page GJ8 Credit Date F F Debi Credit 4,420 - 950 | 8,670 - 0 3,970 16,940