Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 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 o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31

Answer 1

Closing entries

Date	General Journal	Debit	Credit
Dec 31	Service revenue	176450
	Rent revenue	5950
	Income summary		182400
	(To close revenue)
Dec 31	Income summary	104930
	Depreciation expense		12670
	Salaries and wages expense		87460
	Rent expense		3460
	Supplies expense		1340
	(To close expense)
Dec 31	Income summary	77470
	Retained earnings		77470
	(To close income summary)
Dec 31	Retained earnings	25250
	Dividend		25250
	(To close dividend)

T account

Retained earnings
Dec 31	25250	Dec 31	59330
		Dec 31	77470
		Dec 31 End bal	111550