Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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

image text in transcribed
image text in transcribed
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. Prepare closing journal entries. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Credit July Debit 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income (loss) to retained earnings) (To dose expense accounts) July 31 (To close net income/(loss) to retained earnings) July 31 (To close dividends to retained earnings) e Textbook and Media List of Accounts What is the ending balance in Retained Earnings? Ending balance in Retained Earnings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions