The income statement for the Kingbird, Inc. for the month ended July 31 shows Service Revenue $19,520, Salaries and Wages Expense $8,620, Maintenance and Repairs Expense $2,920, and Income Tax Expense $1.240. The statement of retained earnings shows an opening balance for Retained Earnings of $24.290 and Dividends $1,600.
(a) Prepare closing journal entries.
Date | Account and Explanation | Debit | Credit |
July 31 | Service Revenue | $19,520 | |
Income Summary | $19,520 | ||
(To close revenue account) | |||
July 31 | Income Summary | $12,780 | |
Salaries and wages Expense | $8,620 | ||
Maintenance and Repairs Expense | $2,920 | ||
Imcome Tax Expense | $1,240 | ||
(To close expense account) | |||
July 31 | Income Summary (19,520 - 12,780) | $6,740 | |
Reatained earnings | $6,740 | ||
(To close net income/(loss) to retained earnings) | |||
July 31 | Retained earnings | $1,600 | |
Dividends | $1,600 | ||
(To close dividends to retained earnigs) |
Retained earnings now has a balance of = $24,290 + $6,740 - $1,600
= $29,430
The income statement for the Kingbird, Inc. for the month ended July 31 shows Service Revenue $19,520
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