Question

part a: Prepare the closing entries at December 31. (Credit account tittles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

9,800 Exercise 4-13 (Part Level Submission) Selected accounts from Betts Ltd.'s general ledger are presented below. Note that the account details for the year have not been included, only the account balance ("bal.") after adjustment but before closing is included. Retained Earnings Jan. 1 bal. 200,600 Dividends Declared Dec. 31 bal. 10,200 Service Revenue Dec. 31 bal. 409,200 Interest Revenue Dec. 31 bal. Salaries Expense Dec. 31 bal. 248,200 Office Expense Dec. 31 bal. 22,000 Depreciation Expense Dec. 31 bal. 20,000 Utilities Expense Dec. 31 bal. 20,400 Interest Expense Dec. 31 bal. 12,000 Income Tax Expense Dec. 31 bal. 17,600

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
	(To close revenue account.)
31
	(To close expense accounts.)
31
	(To close net income.)
31
	(To close dividends.)

Answer 1

Closing Entries
Date	Particulars			Debit	Credit
31-Dec	Service Revenue			$ 409,200.00
	Interest Revenue			$     9,800.00
	To Income Summary				$ 419,000.00
31-Dec	Income Summary			$ 340,200.00
	To Salaries Expense				$ 248,200.00
	To Office Expense				$   22,000.00
	To Depreciation Expense				$   20,000.00
	To Utilities Expense				$   20,400.00
	To Interest Expense				$   12,000.00
	To Income Tax Expense				$   17,600.00
31-Dec	Income Summary			$   78,800.00
	To Retained Earnings				$   78,800.00
31-Dec	Retained Earnings			$   10,200.00
	To Dividends Declared				$   10,200.00