Just need help with closing entry

GENERAL LEDGER DIVIDENDS RETAINED EARNINGS Balance Debit Balance Credit Balance Debit Balance Credit Month Day Credit Month Day Debit Credit Debit 1,000 Pan. 29 1,000 Jan. 31 Jan. 31 Jan. 31 enter the closing entry for dividends first (the balance will be a debit) enter the closing entry for the income summary - the balance will be a credit Check: Does RE equal what you prepared in the financial statements SALES REVENUE INCOME SUMMARY Balance Debit Balance Credit Balance Debit Balance Credit Month Day Debit Month Day Debit Credit Credit 60,000 Jan. 17 60,000 Jan. enter the closing entry for sales revenue 31 31 Jan. 31 an. enter the closing entry for service revenue Jan. 31 enter the closing entry for cost of goods sold SERVICE REVENUE Jan. 31 enter the closing entry for salaries and wage expense Balance Debit Month Debit Credit Jan. 31 enter the closing entry for depreciation expense Jan. - Jan. Balance Credit 15,000.0 31,000.0 48,000.0 31 enter the closing entry for supplies expense Day 24 31 31 31 Man. 15,000.0 16,000.0 17,000.0 an. 31 enter the closing entry for interest expense Jan. - - Jan. - enter the closing entry for insurance expense enter the closing entry for income tax expense and then check-does you balance = the net income calculated on the financial statements? Jan. x 31 31 31 an. Jan. the income summary is a temporary account and should close to zero COST OF GOODS SOLD Balance Credit Month Day Debit Balance Debit 20,000 Credit Jan. 17 20,000 Jan. 31 x SALARIES AND WAGES EXPENSE Balance Credit Month Credit Day 31 Balance Debit 3,500 Debit 3,500 Jan. Activate Windows Man. 31 x Windo Balance Debit Balance Credit Month Day Debit Credit Jan. 31 3,200 3,200 Jan. 31 SUPPLIES EXPENSE Balance Credit Date Debit Balance Debit 900 Credit Jan. 31 900 Jan. 31 INTEREST EXPENSE Debit Credit Date Jan. Balance Balance Debit Credit 1,100 31 Jan. 31 900 INSURANCE EXPENSE Balance Credit Date Debit Credit Balance Debit 300 Jan. 31 300 Jan. 31 XI INCOME TAX EXPENSE Balance Credit Date Credit Balance Debit 20,000 Debit 20,000 Jan. 31 Man. 31 TLKT Company Statement of Retained Earnings For the month of January 20X1 Retained Earnings January 1, 20X1 Add: Net Income Less: Dividends Retained Earnings January 31, 20X1 48,000 60,000 108,000 59,000 1,000 58,000 TLKT Company Income Statement For the month of January 20X1 Revenues: Service Revenue Sales Revenue Total Revenue Expenses: Cost of goods sold Salaries and wages expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense Total Expenses Net Income 20,000 3,500 3,200 900 1,100 300 20,000 49,000 59,000 59,000 TLKT Company Balance Sheet 1/31/20X1 Assets Current Assets Cash Accounts Receivable Inventory Prepaid Insurance Supplies Total Current Assets Property Plant, and Equipment, net Total Assets 1,004,000 62,000 30,000 3,300 1,500 1,100,800 296,800 1,397,600 TLKT Company Statement of Cash Flows For the month of January 20X1 Cash flows from operating activities Net income Adjustments to Net income Increase in Accounts receivable Increase in Inventory Increase in Prepaid expenses Increase in supplies Depreciation Increase in Accounts Payable Increase in Salaries and Wages payable (62,000) (30,000) (3,300) (1,500) 3,200 71,100 3,500 Increase in deferred revenue 24,000 Net cash flow provided by (used in) operating activities 64,000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and wages payable Dividends Payable Deferred Revenue Total Current Liabilities Long-term Liabilities Mortgages Payable Total Liabilities 71,100 3,500 1,000 24,000 99,600 Cash flows from investing activities Purchase of Building & Land with cash Net cash flow provided by (used in)investing activities (60,000) (60,000) Cash flows from financing activities Issuance of Common Stock for Cash Net cash flow provided by (used in)investing activities 1,000,000 1,000,000 240,000 339,600 1,004,000 Net increase (decrease) in cash Beginning Balance of Cash Ending Balance of cash 1,004,000 Stockholders' Equity Common Stock 1,000,000 Retained Earnings 58,000 Total Stockholders' Equity 1,058,000 Total Liabilities and Stockholders' Equity 1,397,600 GENERAL LEDGER Cash Debit Credit Balance Credit Month Day Jan. 1,000,000 Jan. 1 1 3 4 Jan. 60,000 3,600 2,400 Balance Debit 1,000,000 940,000 936,400 934,000 974,000 989,000 1,004,000 Jan. Jan. 15 Pan. 17 24 40,000 15,000 15,000 Jan. ACCOUNTS RECEIVABLE Balance Credit Credit Month Jan. Dayl Debit 17 45,000 31 17,000 Balance Debit 45,000 62,000 Pan. INVENTORY Balance Credit Month Credit Balance Debit 50,000 30,000 Dayl Debit 2 50,000 17 Jan. Jan. 20,000 PREPAID INSURANCE Balance Credit Month Credit Balance Debit 3,600 3,300 Dayl Debit 3 3,600 31 Jan. Jan. 300 SUPPLIES Balance Credit Month Credit Balance Debit 2,400 1,500 Dayl Debit 4 2,400 31 Jan. Jan. 900 BUILDING Balance Credit Month Credit Balance Debit 200,000 Dayl Debit 1 200,000 Jan. LAND Balance Credit Credit Month Jan. Balance Debit 100,000 Dayl Debit 1 100,000 ACCUMULATED DEPRECIATION Balance Debit Month Dayl Debit 31 Credit 3,200 Balance Credit 3,200 Jan. ACCOUNTS PAYABLE Balance Debit Month Jan. Dayl Debit 2 31 31 Credit 50,000 1,100 20,000 Balance Credit 50,000 51,100 71,100 Jan. SALARIES AND WAGES PAYABLE Balance Debit Month Dayl Debit 31 Credit 3,500 Balance Credit 3,500 Jan. DIVIDENDS PAYABLE Balance Debit Month Dayl Debit 29 Credit 1,000 Balance Credit 1,000 Jan. DEFERRED REVENUE Balance Debit Month Dayl Debit 15 31 16,000 Credit 40,000 Balance Credit 40,000 24,000 Jan. Jan. MORTGAGES PAYABLE Month Balance Debit Dayl Debit 1 Credit 240,000 Balance Credit 240,000 Jan. COMMON STOCK Balance Debit Month Dayl Debit 1 Credit 1,000,000 Balance Credit 1,000,000 Jan. DIVIDENDS Balance Credit Credit Month Jan. Balance Debit 1,000 Dayl Debit 29 1,000 SALES REVENUE Balance Debit Month Dayl Debit 17 Credit 60,000 Balance Credit 60,000 Jan. SERVICE REVENUE Balance Debit Month Jan. Jan. Jan. Day Debit 24 31 31 Credit 15,000 16,000 17,000 Balance Credit 15,000 31,000 48,000 COST OF GOODS SOLD Balance Credit Credit Month Jan. Balance Debit 20,000 Day Debit 17 20,000 SALARIES AND WAGES EXPENSE Balance Credit Credit Month Jan. Balance Debit 3,500 Dayl Debit 31 3,500 DEPRECIATION EXPENSE Balance Credit Credit Month Jan. Balance Debit 3,200 Day Debit 31 3,200 SUPPLIES EXPENSE Credit Balance Credit Date Jan. Day Debit 31 Balance Debit 900 900 INTEREST EXPENSE Credit Balance Credit Date Jan. Balance Debit 1,100 Day Debit 31 1,100 INSURANCE EXPENSE Balance Credit Credit Date Jan. Balance Debit 300 Day Debit 31 300 INCOME TAX EXPENSE Balance Credit Credit Date Jan. Balance Debit 20,000 Dayl Debit 31 20,000