Utilities Expense (To close expense accounts) July 31 Retained Earnings 8.200 Income Summary (To close net income / (loss)) July 31 Retained Earnings 16,500 Dividends 16,500 (To close dividends) Date Account Titles and Explanation Debit Credit July 31 Rent Revenue 6,500 Service Revenue 63.500 Income Summary (To close revenue accounts) July 31 Income Summary 78,200 Depreciation Expense Salaries and Wages Expense Utilities Expense (To close expense accounts) July 31 Retained Earnings 8,200 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense 19,050 27,000 16,500 63,500 6,500 56,700 14,500 $130,350 $130,350