Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end

image text in transcribedimage text in transcribed

Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co. Retained Earnings $630,000 Dividends 39,000 Fees Earned 284,000 Wages Expense 248,900 Rent Expense 59,200 14,500 Supplies Expense Miscellaneous Expense 6,900 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Fees Earned 284,000 Income Summary 284,000 Aug. 31 Close expenses Income Summary Wages Expense 11111 248,900 Rent Expense 59,200 Supplies Expense 14,500 Rent Expense 59,200 14,500 Supplies Expense Miscellaneous Expense 6,900 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Fees Earned 284,000 Income Summary 284,000 Aug. 31 Close expenses Income Summary Wages Expense 248,900 Rent Expense 59,200 Supplies Expense 14,500 Miscellaneous Expense 6,900 Aug. 31 Close net incomeet loss Retained Earnings 630,000 Income Summary 630,000 Aug. 31 Close dividends Retained Earnings Dividends

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Management And Cost Accounting

Authors: Colin Drury

5th Edition

1861525362, 978-1861525369

Students also viewed these Accounting questions