Homework Answers
*Option(E). None of the above is the correct answer.
*Closing Entries: Temporary accounts relate to a given accounting period. It includes all income statement accounts and dividends account. The company closes all temporary accounts(Nominal accounts) at the end of the period.
*Closing entries also produce a zero balance in each temporary account. it prepares only at the end of the annual accounting period. The company creates Income Summary account.
*In preparing closing entries, Company could close Income statements directly to retained earnings. However, Excessive amount results in retained earnings.
*Dividends amount transfer to retained earnings.
*The balance in dividends, revenues, expenses would be zero.
*Dividends is not an expense, and it is not a factor in determining net income.
*Debit, Retained Earnings for the balance in the Dividends account, and credit dividends for the same amount.
| Closing Entries | |||
| No. | Account Info | Debit | Credit |
| 1 | Fees Earned | $ 720,000 | |
| Sales Revenue | $ 52,200 | ||
| Income Summary | $ 772,200 | ||
| (To close the revenue account to income summary) | |||
| 2 | Income Summary | $ 651,700 | |
| Depreciation Expense | $ 81,000 | ||
| Interest Expense | $ 33,100 | ||
| Insurance Expense | $ 72,600 | ||
| Miscellaneous Expense | $ 10,300 | ||
| Rent Expense | $ 81,000 | ||
| Supplies Expense | $ 24,700 | ||
| Utilities Expense | $ 8,800 | ||
| Wages Expense | $ 340,200 | ||
| (To close the expense accounts to income summary) | |||
| 3 | Income Summary | $ 120,500 | |
| Retained Earnings | $ 120,500 | ||
| (To close Income statement to retained earnings ) | |||
| 4 | Retained Earnings | $ 28,000 | |
| Dividend | $ 28,000 | ||
| (To close the dividends) |
*After completing all closing entries. Balances in the Dividends account is ZERO.
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