Question
Presented below are the balances from Oriole Environment Ltd.'s general ledger as at June 30, 2024: DR CR Cash 29,920 Accounts receivable 70,400 Inventory
Presented below are the balances from Oriole Environment Ltd.'s general ledger as at June 30, 2024: DR CR Cash 29,920 Accounts receivable 70,400 Inventory 251,680 Equipment 322,960 Accumulated depreciation, equipment 154,000 Accounts payable 123,200 Note payable 44,000 Deferred revenue 36,960 Common shares 35,200 Retained earnings 140,800 Dividends declared 48,400 Sales revenue 623,040 Service revenue 6,160 Cost of goods sold 204 Service revenue 6,160 Cost of goods sold 321,200 Wages expense 70,400 Advertising expense 29,040 Depreciation expense 19,360 (a) Prepare the necessary closing entries for Oriole Environment Ltd. at June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 Jan. 31 Jan. 31 (To close accounts with a debit balance) Jan. 31 (To close income summary account) (To close dividend account)
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