The following information is from the Income Statement of Indigo’s Halloween Pop-up Rental Shop for the year ending October 31, 2022:
Service Revenue |
$11,400 | ||||
---|---|---|---|---|---|
Expenses |
|||||
Salaries and Wages expense |
$3,000 | ||||
Rent Expense |
1,540 | ||||
Depreciation Expense | 1,890 | ||||
Miscellaneous Expense | 306 | ||||
Total expenses | 6,736 | ||||
Net Income | $4,664 |
This is Indigo’s first year in business. Indigo’s distributed
dividends of $2,500 during the period. Prepare closing entries at
December 31, 2022. (Credit account titles 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.)
No. |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
1. |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount | |
2. |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
3. |
enter an account title to close net income / (loss) | enter a debit amount | enter a credit amount |
enter an account title to close net income / (loss) | enter a debit amount | enter a credit amount | |
4. |
enter an account title to close dividends account | enter a debit amount | enter a credit amount |
enter an account title to close dividends account | enter a debit amount | enter a credit amount |
The following information is from the Income Statement of Indigo’s Halloween Pop-up Rental Shop for the...
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