Begin by preparing the closing entries for North Pole Services Enterprises. Record the entry to close out the revenue accounts
Homework Answers
| Journal Entry | |||
| Date | Accounts | Debit | Credit |
| Dec 31 | Service revenue | $32000 | |
| Other revenue | $1000 | ||
| Retained earnings | $33000 | ||
| (To close revenue accounts) | |||
| Dec 31 | Retained earnings | $26000 | |
| Cost of goods sold | $14400 | ||
| Depreciation expense | $4600 | ||
| Selling and administrative expense | $6700 | ||
| Income tax expense | $300 | ||
| (To close expense accounts) | |||
| Dec 31 | Retained earnings | $400 | |
| Dividends | $400 | ||
| (To close dividend account) | |||
Net income= Revenues-Expenses= $33000-26000= $7000
| Retained Earnings | |||
| Beg. bal. | $2400 | ||
| (2) | 26000 | (1) | 33000 |
| (3) | 400 | ||
| End. bal. | $9000 | ||
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C:Record entry to close Dividends.
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