LO5-4

BRIEF EXERCISE 5.5

Closing Entries of a Profitable Company

The following account balances were taken from Harris Corporations year-end adjusted trial balance (assume these are the companys only temporary accounts).

Dividends	$960
Service revenue	30,720
Supplies expense	876
Rent expense	5,880
Depreciation expense: equipment	1,800
Salaries expense	18,360
Income taxes expense	1,092

Prepare the companys necessary closing entries.