Question

Selected accounts of Sparkle Electrical, Inc., at April 30, 2018, follow. B (Click the icon to view the accounts.) Read the requirements Requirement 1. Prepare the entity's closing entries, Begin by closing out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Apr Close out the expense accounts Journal Entry Account Nate Nehit Credit Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Date	Account	Debit	Credit
April 30	Service revenue	$73,000
	Interest revenue	$600
	Income summary		$73,600
	( To close revenue)

Date	Account	Debit	Credit
April 30	Income Summary	$40,100
	Salaries expense		$24,500
	Supplies expense		$2,200
	Interest expense		$2,400
	Depreciation expense		$5,000
	Rent expense		$6,000
	( To close net income)

Date	Account	Debit	Credit
April 30	Income summary	$33,500
	Retained earnings		$33,500
	( To close net income)
April 30	Retained earnings	$32,500
	Dividends		$32,500
	( To close dividends)

Income Statement
Revenues:
Service revenue	73,000
Interest revenue	600
Total revenue	73,600
Expenses:
Salaries expense	-24,500
Depreciation expense	-5,000
Supplies expense	-2,200
Interest expense	-2,400
Rent expense	-6,000
Total expenses	-40,100
Net Income	$33,500

2.

Retained earnings, April 30,2018 = Retained earnings , beginning +Net income - dividends

= 11,000+33,500-12,000

= $32,500

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