Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver Corporation is provided below. Debit Credit Accounts Receivable $79,860 Dividends 28,930 Depreciation Expense 14,520 Equipment 234,080 Salaries and Wages Expense 100,210 Accounts Payable $58,300 Accumulated Depreciation-Equipment 126,280 Unearned Rent Revenue 25,190 Service Revenue 202,180 Rent Revenue 6,820 Rent Expense 3,960 Retained Earnings 67,980 Supplies Expense 1,540

Answer 1

Credit Date Account Tiltles and Explanation Dec. 31 Service Revenue Rent Revenue Income Summary (To close revenue account) Debit $ 202,180 $ 6,820 $209,000 $120.230 Dec. 31 Income Summary Depreciation Expense Salaries and Wages Expenses Rent Expense Supplies Expense (To clsoe expense accounts ) $ 14,520 $100,210 $ 3,960 $ 1,540 S 88.770 Dec. 31 Income summery Retained earnings (To clsoe net income to retained earnings) $ 88,770 $ 28,930 Dec. 31 Retained Earnings Dividends (To close dividends to retained earnings) $ 28,930