Question

The income statement for the Shamrock, Inc. for the month ended uly 31 shows Service Revenue $19,500, Salaries and Wages Expense 19,730, Maintenance and Repairs Expense $3.890, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $23,230 and Dividends $1,800 Prepare closing Journal entries. (If no entry is required, select "No Entry for the account eties and enter for the amounts Credit account sites are automatically indented when the amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit July 31 (To dese revenue account) July 31 (to close expense accounts July 31

Answer 1

Date	Account Titles and Explanation	Debit	Credit
July 31	Service Revenue	19500
	Income Summary		19500
July 31	Income Summary	14910
	Salaries and wages expense		9730
	Maintenance and repairs expense		3890
	Income Tax Expense		1290
	(To close expense accounts)
July 31	Income Summary	4590		=19500-14910
	Retained Earnings		4590
	(To close net income)
July 31	Retained Earnings	1800
	Dividends		1800
	(To close net dividends)