Question

Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 service revenue Balance Debit Credit Account Title Todore Revenue 17,800 Accounts Receivable 9,800 Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11.000 Furniture 20,700 Accumulated Depreciation Furniture 7.100 Accounts Payable 2.300 Salaries Payable 500 Interest Payable 300 Urearned Revenue 5.900 03/31/20 Chapter 5 Warm Up tungraded

Answer 1

In the books of Smart Touch Leaning:

Date	Account Titles	Debit	Credit
2016		$	$
Dec 31	Service Revenue	53,800
	Income Summary		53,800
	To close revenue
Dec 31	Income Summary	11,100
	Depreciation Expense: Furniture		2,300
	Interest Expense		300
	Rent Expense		3,500
	Salaries Expense		4,100
	Supplies Expense		900
	To close expenses
Dec 31	Income Summary	42,700
	Retained Earnings		42,700
	To close income summary
Dec 31	Retained Earnings	30,200
	Dividends		30,200
	To close dividends