Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 15 of 20 -/10 E The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and

image text in transcribed
image text in transcribed
Question 15 of 20 -/10 E The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2.510, and Income Tax Expense $1,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Date Account Titles and Explanation July 31 p (To close revenue account) July 31 (To cose expense accounts) July 31 (To close net income/cos) to retained earnings) July 31 (To cose dividends to retained cornings) O I 1025 AM Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) xplanation Debit Credit unt) unts) loss) to retained earnings) retained earnings) List of Accounts SL Attempts of I used la o DIE Sumit A T25 AM TA/2001

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Letter Of Credit Learners Guide To Letter Of Credit

Authors: Nisha S Koshal

1946822078, 978-1946822079

More Books

Students also viewed these Accounting questions

Question

Describe the linkages between HRM and strategy formulation. page 74

Answered: 1 week ago

Question

Identify approaches to improving retention rates.

Answered: 1 week ago