Problem 3 Supp-1 Preparation of Closing Entries

Salinas Trailer Rental, Inc., rents small trailers by the day for local moving jobs. Its adjusted trial balance at the end of the current fiscal year follows.

Salinas Trailer Rental, Inc.
Adjusted Trial Balance
June 30, 2014
Cash	1,384
Accounts Receivable	1,944
Supplies	238
Prepaid Insurance	720
Trailers	24,000
Accumulated Depreciation - Trailers		14,400
Accounts Payable		542
Wages Payable		400
Common Stock		10,000
Retained Earnings		1,388
Dividends	14,400
Trailer Rentals Revenue		91,092
Wages Expense	46,800
Insurance Expense	1,440
Supplies Expense	532
Depreciation Expense - Trailers	4,800
Other Expenses	21,564
	117,822	117,822

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1. From the information given, record closing entries. For a compound transaction, if an amount box does not require an entry, leave it blank.

2014 June 30
	To close the revenue account
June 30
	To close the expense accounts
June 30
	To close the Income Summary account
June 30
	To close the Dividends account