Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $82,760 Dividends 29,980 Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages Expense 103,850 Accounts Payable $60,420 Accumulated Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained Earnings 70,450 Supplies Expense 1,600

(a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount (To close revenue account) Dec. 31 enter an account title to close expense accounts enter a debit amount enter a credit amount enter an account title to close expense accounts enter a debit amount enter a credit amount enter an account title to close expense accounts enter a debit amount enter a credit amount enter an account title to close expense accounts enter a debit amount enter a credit amount enter an account title to close expense accounts enter a debit amount enter a credit amount (To close expense accounts) Dec. 31 enter an account title to close net income to retained earnings enter a debit amount enter a credit amount enter an account title to close net income to retained earnings enter a debit amount enter a credit amount (To close net income to retained earnings) Dec. 31 enter an account title to close dividends to retained earnings enter a debit amount enter a credit amount enter an account title to close dividends to retained earnings enter a debit amount enter a credit amount (To close dividends to retained earnings)

Answer 1

Answer: Credit Transaction Dec. 31 Debit 209,530 7,070 216,600 Dec. 31 124,600 Accounts Titles and Explanation Service Revenue Rent Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Depreciation Expense Rent Expense Supplies Expense (To close expense account) Income Summary Retained Earnings (To close net income to retained earnings) Retained Earnings Dividend (To close dividends to retained earnings) 103,850 15,050 4,100 1,600 Dec. 31 92,000 92,000 Dec. 31 29,980 29,980