Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $39,600 and has the following accounts and balances at year-end: Sales Revenue $162,510 Salaries Expense 91,690 Rent Expense 11,850 Utilities Expense 8,480 Supplies Expense 4,480 Income Taxes Expense 13,000 Dividends (declared and paid) 8,600 Required:

1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. 2. Prepare Grand Rapids Consultings retained earnings statement for 2019. CHART OF ACCOUNTS

Grand Rapids General Ledger ASSETS

111 Cash

121 Accounts Receivable

122 Notes Receivable

123 Supplies

124 Prepaid Insurance

125 Prepaid Rent

126 Inventory

127 Interest Receivable

130 Investment

131 Land

132 Buildings

133 Equipment

134 Furniture

135 Trucks

139 Accumulated Depreciation LIABILITIES

211 Accounts Payable

212 Notes Payable

213 Income Taxes Payable

214 Wages Payable

215 Utilities Payable

216 Insurance Payable

217 Rent Payable

221 Interest Payable

222 Unearned Service Revenue

223 Unearned Rent Revenue

231 Bonds Payable EQUITY

311 Common Stock

321 Retained Earnings

331 Dividends

350 Income Summary

REVENUE

411 Sales Revenue

412 Service Revenue

413 Interest Income

414 Rent Revenue EXPENSES

511 Cost of Goods Sold

512 Advertising Expense

513 Supplies Expense

514 Utility Expense

515 Rent Expense

516 Insurance Expense

521 Wages Expense

531 Interest Expense

532 Depreciation Expense

541 Salaries Expense

542 Income Taxes Expense

Labels

December 31, 2019

For the year ended December 31, 2019

Amount Descriptions

Dividends

Net loss

Net income

Retained earnings, January 1,

2019 Retained earnings, December 31, 2019

Total expenses

1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. General Journal Instructions How does grading work? PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS INCOME STATEMENT BALANCE SHEET Score: 148/209

General Journal Shaded cells have feedbadk PAGE 1 Score: 148/209 GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT IMPACT ON FINANCIAL STATEMENTS ACCOUNT TITLE POST. REF DEEIT UABILITIES EQUITY EXPENSES NET INCOME Closing Entries Dec. 31 Sales Revenue Income Summary Salaries Expense 162,510.00 91,690.00 11,85000 8,48000 4430.00 15,000.00 Dec. 1 Rent Expense Utilities Expense Supplies Expense Income Taxes Expense ncome Summary Income Summary Retained Eamings Retained Earnings Dec. 31 Dec. 31 8,600.00 Dividends 8,600.00 Points38.82 52 Feedback