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Test #2 (Chapter 3) - Lyryx Learning Inc - Google Chrome lifa 1lyryx.com Name Harshdeep Singh Date: 2021-11-19 Question 1 [20 points] Following are the financial statements for X-cell Inc. at February 28, 2014. Use this information to prepare the closing entries and to c earnings account. Use the numbers below as the description 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). X-cell Inc. Income Statement For Month Ended February 28, 2014 General Journal Account/Explanation Page GJ8 F Debit Credit Date Revenues + Following are the financial statements for X-cell Inc. at February 28, 2014. Use this information to prepare the closing entries and t earnings account Use the numbers below as the description 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). General Journal Account/Explanation Page GJS F Debit Credit Date 28/Feb X-cell Inc. Income Statement For Month Ended February 28, 2014 Revenues Interest earned 2,540 Rent earned 7 200 Total revenues Expenses 1.770 Depreciation expense, equipment 4.140 Rent expense Interest expense 2.570 Total expenses 9,740 8.480 Hoon