Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9.000, Maintenance and
The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9.000, Maintenance and Repairs Expense $2,850, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $22,070 and Dividends $1,990. - Your answer is partially correct. 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.) Debit Credit 17350 Date Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary 13140 Salaries and Wages Expense Maintenance and Repairs Expense Income Tax Expense (To close expense accounts) Income Summary DIE July 31 22070 Retained Earnings (To close net income/loss) to retained earnings) Retained Earnings July 31 1990 Dividends (To close dividends to retained earnings) e Textbook and Media List of Accounts * Your answer is incorrect 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started