Question

RINTER VERSION NEXT Brief Exercise 4-17 (Part Level Submission) The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $16,870, Salaries and Wages Expense $8,870, Maintenance and repairs Expense $3,800, and Income Tax Expense $1,210. The statement of retained earings shows an opening balance for Retained Earnings of $22,600 and Dividends $1,700 (a) Prepare dosing journal entries. (If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically Indented when the amount is entered. Do not indent manually.)

Answer 1

Dr $16.870 Service revenue Alc To Income summary Alc (Being revenue accounts closed to Income summary account) $16,870 Dr $13,880 Income summary A/C To Salaries and wages expenses Alc To Maitenance and Repairs expenses Alc To Income taxes Alc (Being expenses accounts closed to Income summary Account) $8,870 $3,800 $1,210 Dr $1,700 Retained earnings Alc To Dividends Alc (Being dividend accounts closed to retained earnings Alc) $1,700