Question

View Policies Current Attempt in Progress Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Flint Corporation is provided below. Debit Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue $90,020 32,610 16,370 263,870 112,960 $65,720 142,350 28,400 227,910 7,690 Rent Revenue 4,460 Rent Expense Retained Earnings Supplies Expense 76,630 1,740

Answer 1

Closing entries

Date	Account titles and explanation	Debit	Credit
Dec 31	service revenue	227910
	Rent revenue	7690
	Income summary		235600
	(To close revenue account)
Dec 31	Income summary	135530
	Depreciation expense		16370
	Salaries and wages expense		112960
	Rent expense		4460
	Supplies expense		1740
	(To close expense account)
Dec 31	Income summary	100070
	Retained earnings		100070
	(To close income summary)
Dec 31	Retained earnings	32610
	Dividend		32610
	(To close dividend)