The adjusted trial balance shown below is for Rich Company at the end of its fiscal year.

Rich Company

Trial Balance

March 31, 2011

Cash $12,900

Accounts Receivable 9,400

Office Supplies 700

Prepaid Insurance 2,500

Office Equipment 16,000

Accum. Depr: office Equipment $4,800

Accounts Payable 5,800

Salaries Payable 1,100

Unearned rent revenue 600

Common stock 10,000

Retained 5,600

Dividends 3,800

Service revenue 39,600

Rent revenue 14,400

Salaries expense 20,100

Office supplies expense 1,800

Rent expense 12,000

insurance expense 1,500

depreciation expense 1,200

$81,900 $81,900

Prepare the closing entries at March 31

NOTE:

You have to make your income summary, find net income

make a retained earnings

And minus dividends

Temporary accounts include:

1. Revenue, Income and Gain Accounts
2. Expense and Loss Accounts
3. Dividend, Drawings or Withdrawals Accounts
4. Income Summary Account