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The income statement for the Teal Mountain Inc. for the month ended July 31 shows Service Revenue $16,810, Salaries and Wages Expense $8,970, Maintenance and
The income statement for the Teal Mountain Inc. for the month ended July 31 shows Service Revenue $16,810, Salaries and Wages Expense $8,970, Maintenance and Repairs Expense $4,020, and Income Tax Expense $1,270. The statement of retained earnings shows an opening balance for Retained Earnings of $22.6H0 and Dividends $1,980. Prepare closing journal entries. (If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 (To close revenue account) July 31 (To clase expense accounts) July 31 (To cose net incorna/loss) to reared earnings) July 31 (To dose didends to retained earnings) SHOW LIST OF ACCOUNTS LINK TO TEXT What is the ending balance in Retained Earnings? Ending balance in Retained Earnings
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