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Consider the following selected accounts from the records of Sunnydale Enterprises at December 31, 2018: EEB (Click the icon to view the selected accounts and balances.) Read the requirement. Begin by preparing the closing entries for Sunnydale Enterprises. Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Data Table Accounts Debit Credit (1) Dec 31 Cost of services sold Accumulated depreciation .....41,200 Selling, general, and 14,100 Service revenue 32,000 4,800 700 600 700 300 Depreciation expense .. Other revenue Next, close out the expense accounts. 6,500 Dividends declared administrative expenses Retained earnings, Journal Entry Income tax expense Date Accounts Debit Credit December 31, 2017 2,300 Income tax payable (2) Dec 31 PrintDoneConsider the following selected accounts from the records of Sunnydale Enterprises at December 31, 2018 EEB (Click the icon to view the selected accounts and balances.) Read the requirement. Now close out the dividend account. Data Table Cost of services sold.. Accumulated depreciation Selling, general, and S 14.100 Service revenue $ 32,000 4,800 700 600 700 300 Journal Entry 1,200 Depreciation expense Other revenue Date Accounts Debit Credit (3) Dec 31 6,500 Dividends declared Retained earnings, Income tax expense . Income tax payable December 31, 2017 2,300 How much net income did Sunnydale Enterprises earn during 2018? Net income for 2018 was $ Prepare a T-account for Retained Earnings to show the December 31, 2018, balance of Retained Earnings. Post the beginning balance and closing entries to Retained Earnings and determine the ending Print Done balance. Retained Earnings

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Journal Entries Date Account Title and Explaination Post. Ref Debit Credit S32,000.00 $700.00 Dec.31 Service Revenue Other Revenue Income Summary S32,700.00 (To close service revenues to income summary) Dec.31 Income Summary S26,100.00 Cost of Services Sold Selling, general and administrative Expenses Depreciation Expenses Income Tax Expense $14,100.00 S6,500.00 S4,800.00 S700.00 (To close expenses to Income Summary) Retained Earnings S600.00 Dec.31 Dividends Declared $600.00 (To close dividends accoumt to retained earnings) Net Income for 2018 will be remainning balance of Income Summary that is S32,700 less S26,100 - $6,600.00Retained Earnings Dec.31, 2018 Dividends 600.00 Dec.31,2017 $2,300.00 Net IncomeC from Income Summary)S6,600.00 (600.00) Totals $8,900.00 Jan.1, 2019 S8,300.00

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