Take-Home Portion of Exam #2: Complete this page and bring it with you to the exam. Hand-written (in pencil) is preferred. Highlighting final balances is helpful. The income statement for the ProLine, Inc. for the month ended July 31 shows Service Revenue $ 350,900, Salaries and Wages Expense $ 102,430, Maintenance and Repairs Expense $ 24,060, and Income Tax Expense $ 26,300. The statement of retained earnings shows an opening balance for Retained Earnings of $ 99,500 and Dividends $ 10,500, Journalize the transactions. Post the transactions to the Partial General Ledger. Summarize (total) each account to show final balances. Answer the questions below. Blank General Journal: Date 7/31/2021 7/31/2021 7/31/2021 7/31/2021 Description (to close Revenue to Income Summary) (to close Expenses to Income Summary) (to close Net Income to Retained Earnings) (to close Dividends to Retained Earnings) What is Net Income? (Show calculation)? What is Ending Retained Earnings? (Show calculation) Reference (account #) Debit Credit ...Partial General Ledger # 302 Income Summary Debit Credit #303 Retained Earning: Credit $ 99,500 Debit # 304 Dividends Debit $ 10,500 Credit NAME: #401 Service Revenue Credit $350,900 Debit #501 Salaries & Wages ! Credit Debit $ 102,430 # 502 Maintenance & Rep. Exp Credit Debit $ 24,060 # 503 Income Tax Expens Credit Debit $ 26,300

Take-Home Portion of Exam \#2: Complete this page and bring it with you to the exam. Hand-written (in pencil) is preferred. Highlighting final balances is helpful. The income statement for the ProLine, Ine. for the month ended July 31 shows Service Revenue $350,900, Salarles and Wages Expense $102,430, Maintenance and Repalrs Expense $24,060, and Income Tax Expense $26,300. The statement of retained earnings shows an opening balance for Retained Eamings of $99,500 and Dividends $10,500. Joumalize the transactions. Poit the transactions to the Partial General Ladger. Summarize (total) each acceunt to show firal balances. Answir the questions below: Blank General Journal. Partaigeneraltedsel What is Net inceme? (Show calculation)? What is Endene Retained Karningst (Shew calculation)