Question

CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjuste Debit Credit $19,000 $ 1,900 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 39,000 4.900 13.900 4.900 1,900 9,900 3,900 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/even Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 < Prev 7 of 13 !!! Next >

Answer 1

Credit Date General Journal December 31, 2021 Service Revenue Interest Revenue Income Summary (To close the revenue accounts) Debit 39,000 4,900 43,900 34,500 December 31, 2021 Income Summary Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense (To close the expense account) 13,900 4,900 1,900 9,900 3,900 1,900 December 31, 2021 Retained Earnings Dividends (To close dividends accounts) 1,900 Ending balance retained earnnings= Beginning balance + Net Income - Declared dividend =$19,000 + 9,400 -1,900 26,500 Net income = Total Revenue - Total Expense $43,900 - 34,500 9,400