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Weygandt, Financial and Managerial, 3e WileyPLUS: MYW PLUS Helgi Contact Us Logout INTRODUCTION TO ACCOUNTING (ACCT 2001/2101
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Journal entries
No. ACCOUNT TITLES AND EXPLANATIONS DEBIT ($) CREDIT ($)
December 31 Service Revenue          52,000.00
Income Summary          52,000.00
(To close revenue accounts)
December 31 Income Summary          34,900.00
Salaries and Wages Expense          27,100.00
Supplies Expense            7,800.00
(To close expense accounts)
December 31 Income Summary          17,100.00
Retained Earnings          17,100.00
(To close net income / (loss))
December 31 Retained Earnings            2,900.00
Dividends            2,900.00
(To close dividends)
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