Preparation of Closing Entries and an Income Statement Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2011. The following are
Preparation of Closing Entries and an Income Statement
Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2011. The following are selected account balances after adjustment:
Sales Revenue | $ 691,900 |
Interest Revenue | 8,500 |
Accounts Payable | 8,330 |
Wages Expense | 404,900 |
Accounts Receivable, 12/31/2011 | 65,000 |
Supplies Expense | 68,350 |
Supplies, 12/31/2011 | 179,000 |
Prepaid Rent | 7,200 |
Rent Expense | 28,600 |
Unearned Sales Revenue | 12,200 |
Insurance Expense | 94,300 |
Wages Payable | 11,700 |
Utilities Expense | 12,300 |
Interest Expense | 9,500 |
Depreciation Expense, Equipment | 20,000 |
Accumulated Depreciation, Equipment | 75,000 |
Income Tax Expense | 12,300 |
Income Tax Payable | 8,300 |
Dividends | 7,800 |
1. Using the accounts and balances above, prepare the closing entries for 2011. If an amount box does not require an entry, leave it blank. **Instructor graded