The income statement for the Kingbird, Inc. for the month ended July 31 shows Service Revenue $19,520, Salaries and Wages Expense $8,620, Maintenance and Repairs Expense $2,920, and Income Tax Expense $1,240. The statement of retained earnings shows an opening balance for Retained Earnings of $24,290 and Dividends $1,600.

*(a)

	Your answer is correct.

Prepare closing journal 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	Debit	Credit
July 31	Service Revenue	19520
	Income Summary		19520
	(To close revenue account)
July 31	Income Summary	12780
	Maintenance and Repairs Expense		2920
	Income Tax Expense		1240
	Salaries and Wages Expense		8620
	(To close expense accounts)
July 31	Income Summary	6740
	Retained Earnings		6740
	(To close net income/(loss) to retained earnings)
July 31	Retained Earnings	1600
	Dividends		1600
	(To close dividends to retained earnings)

Attempts: 2 of 3 used

*(b)

What is the ending balance in Retained Earnings?

Ending balance in Retained Earnings

$