Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company,...

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Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the

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Answer 1

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Dec 31	Revenue	91,000
	Income summary		91,000


Dec 31	Income summary	78,800
	Rent expense		20,800
	Salaries expense		52,000
	Supplies Expense		6,000



Dec 31	Retained earnings	10,000
	Dividends		10,000

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Answer 2

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