Question

The income statement for the Matlock, Inc. for the month ended July 31 shows Service Revenue $16.690, Salaries and Wages Expense $9.510. Maintenance and Repairs Expense $2,880, and Income Tax Expense $1,490. The statement of retained earnings shows an opening balance for Retained Earnings of $21,710 and Dividends $2,040 Prepare doing journal entries. (If no entry is required, select "No Entry for the account titles and enter automatically indented when the amount is entered. Do not indent manually.) for the amounts Credit account titles are Debit Credit Date Account Titles and Explanation July 31 (To close revenue account) July 31 (To do p accounts) July 31 (To cose net income/floss) to retained earnings)

Answer 1

Metlock Inc.
Journal entries
Date	Account	Debit	Credit	Calculation
31-Jul	Service Revenue	$     16,690
	Income Summary		$     16,690
31-Jul	Income Summary	$     13,880
	Salaries and wages expense		$        9,510
	Miantenance and repairs expense		$        2,880
	Income tax expense		$        1,490
31-Jul	Income Summary	$        2,810		=16,690-13,880
	Retained Earnings		$        2,810
31-Jul	Retained Earnings	$        2,040
	Dividends		$        2,040