The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350.

(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.)

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(b)

What is the ending balance in Retained Earnings?

Ending balance in Retained Earnings

$enter a dollar amount for ending balance in retained earnings

Date Account Titles and Explanation Debit Credit July 31 Service Revenue 16010 Income Summary 16010 (To close revenue account) July 31 Income Summary 11930 Salaries and Wages Expense 8410 Maintenance and Repairs Expense 2510 Income Tax Expense 1010 (To close expense accounts) July 31 Income Summary 4080 Retained Earnings 4080 (To close net income/(loss) to retained earnings) July 31 Retained Earnings 1350 Dividends 1350