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Show Attempt History Current Attempt in Progress The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service
Show Attempt History Current Attempt in Progress The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17,470, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760. (a) Your answer is partially correct. Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date: Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense Maintenance and Repairs Expense Income Tax Fanense Debit Credit 17470 13710 17470 8870 3370 Prepare closing journal entries. (List all debito account titles and enter O for the amounts. Do not indent manually.) Account Titles and Explanation Date July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense. Maintenance and Repairs Expense Income Tax Expense (To close expense accounts) July 31 Income Summary Retained Earnings (To close net income to retained earnings) July 31 Retained Earnings Dividends (To close dividends to retained earnings) fore credit entries. If no entry is required, select "No Entry" for the unt titles are automatically indented when the amount is entered. Debit 17470 13710 1760 Credit 17470 8870 3370 1470 1760
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