Question

s Kimmel, Financial Accounting, 9e Exercise 4-21 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2022 Credit Debit $88,570 32,090 16,100 259,620 111,140 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 $64,660 140,060 27,940 224,240 7,560 4,390 75,400 1,710 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically indented when the a enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 161740 Rent Revenue 5460 Income Summary 1672

Answer 1

Debit $ Credit $ Closing Journal entries :- Date Accounts Title & Explanation 31-Dec-22 Service Revenue Rent Revenue To Income Summary (Entry for closure of Revenue accounts) 2,24,240 7,560 2,31,800 1,33,340 4,390 16,100 31-Dec-22 Income Summary To Rent expense To Depreciation expense To Salaries and wages expense To Supplies expense (Entry for closure of Expense accounts) 1,11,140 1,710 98,460 31-Dec-22 Income Summary To Retained earnings (Entry for closure of Net Income to retained earnings) 98,460 32,090 31-Dec-22 Retained earnings To Dividends (Entry for transfer of Dividends to Retained earnings) 32,090