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The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue 18,868, Salaries and Wages Expense X10,176, Maintenance and Repairs

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The income statement for Larkspur Golf Club for the month ending July 31 shows Service Revenue 18,868, Salaries and Wages Expense X10,176, Maintenance and Repairs Expense 42,650, and Net Income V6,042. Your answer is partially correct. Prepare the entries to close the revenue and expense accounts. (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 o for the amounts.) Debit Credit Date Account Titles and Explanation 18,868 July 31 Service Revenue 18,868 Income Summary (To close revenue account) 12,826 July 31 Income Summary 10,176 Salaries and Wages Expense 2.650 Maintenance and Repairs Expense (To close expense accounts) Service Revenue Debit Date Explanation Ref. Credit Balance 18.868 18,868 7/31 Balance 0 7/31 Closing entry 18,868 Salaries and Wages Expense Debit Credit Balance Date Explanation Ref. 10,176 10,176 7/31 Balance 0 10,176 7/31 Closing entry Maintenance and Repairs Expense Debit Credit Balance Date Explanation Ref. 2,650 2.650 7/31 Balance 0 2,650 7/31 Closing entry

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