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Swifty Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown
Swifty Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows. Your answer is correct. Prepare the closing entries. (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 0 for the amounts.) Date Account Titles and Explanation July 31 Servlce Revenue Rent Revenue Income Summary (To close revenue accounts) July 31 Income Summary Depreclation Expense Salarles and Wages Expense Utilitles Expense (To close expense accounts) July 31 Retalned Earnings Income Summary (To close net income / (loss)) July 31 Retalned Earnings Dividends (To close dividends) Debit 63,000 eTextbook and Media List of Accounts Attempts: 1 of 3 used Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).)
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