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Question 3 of 8 0.83/1 E Current Attempt in Progress The income statement for Larkspur Golf Club for the month ending July 31 shows Service
Question 3 of 8 0.83/1 E Current Attempt in Progress The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue 18,868, Salaries and Wages Expense 10,176, Maintenance and Repairs Expense 42,650, and Net Income 46,042. Your answer is partially correct. Prepare the entries to close the revenue and expense accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 31 Service Revenue 18,868 Income Summary 18,868 (To close revenue account) July 31 Income Summary 12.826 Salaries and Wages Expense 10.176 Maintenance and Repairs Expense 2,650 (To close expense accounts) Question 3 of 8 0.83/1 E Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three- column form of account Service Revenue Date Explanation Ref. Debit Credit Balance 7/31 Balance 18,868 7/31 Closing entry 18,868 0 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance 7/31 Balance 10.176 7/31 Closing entry 10,176 Maintenance and Repairs Expense Date Ex tion Ref. Debit Credit Balance 7/31 Balance 2.650 2,650 7/31 Closing entry 2.650 0
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