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

Dec. 31
	(Close revenue account)
Dec. 31
	(Close expense accounts)
Dec. 31
	(Close Income Summary)
Dec. 31
	(Close Dividends)