Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $84,220 Dividends 30,510 Depreciation Expense 15,310 Equipment 246,850 Salaries and Wages Expense 105,680 Accounts Payable $61,480 Accumulated Depreciation—Equipment 133,170 Unearned Rent Revenue 26,560 Service Revenue 213,210 Rent Revenue 7,190 Rent Expense 4,180 Retained Earnings 71,690 Supplies Expense 1,620

Prepare closing entries. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount (To close revenue account) Dec. 31 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 (To close expense accounts) Dec. 31 enter an account title to close net income to retained earnings enter a debit amount enter a credit amount enter an account title to close net income to retained earnings enter a debit amount enter a credit amount (To close net income to retained earnings) Dec. 31 enter an account title to close dividends to retained earnings enter a debit amount enter a credit amount enter an account title to close dividends to retained earnings enter a debit amount enter a credit amount (To close dividends to retained earnings) SHOW LIST OF ACCOUNTS

Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date Jan. 1Dec. 31Bal. enter a debit amount choose a transaction date Jan. 1Dec. 31Bal. enter a credit amount choose a transaction date Jan. 1Dec. 31Bal. enter a debit amount choose a transaction date Jan. 1Dec. 31Bal. enter a credit amount choose the end date of the accounting period Jan. 1Dec. 31Bal. enter a debit balance choose the end date of the accounting period Jan. 1Dec. 31Bal. enter a credit balance

Answer 1

Prepare closing entries. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 Service revenue 213210 Rent revenue 7190 Income summary 220400 (To close revenue account) Dec. 31 Income summary 126790 Salaries and wages expense 105680 Depreciation expense 15310 Rent expense 4180 Supplies expense 1620 (To close expense accounts) Dec. 31 Income summary 93610 Retained earnings 93610 (To close net income to retained earnings) Dec. 31 Retained earning 30510 Dividend 30510 (To close dividends to retained earnings)

Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings Dividend 30510 Jan 1 Bal 71690 Dec 31 Bal 134790 Net income 93610 Total 165300 Total 165300