Preparing closing entries from the ledger LO P4

The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $10,600; Dividends, $1,600; Services Revenue, $29,000; Wages Expense, $16,400; and Rent Expense, $4,800. Prepare the necessary closing entries from the available information at December 31.

1. Record the entry to close revenue accounts.

2.Record the entry to close expense accounts.

3.Record the entry to close the income summary account.

4.Record the entry to close the dividends account.

Computing net invoice amounts LO P1

Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.

Merchandise (gross)		Terms	Payment
a.	$9,600	2/10, n/60
b.	26,900	1/15, EOM
c.	84,200	1/10, n/30
d.	21,500	3/15, n/45