Question

Exercise 4-04 a-c

The adjusted trial balance columns of the worksheet for Culver Company are as follows.

Culver Company Worksheet (Partial) For the Month Ended April 30, 2019
		Adjusted Trial Balance
Account Titles		Dr.		Cr.
Cash		11,500
Accounts Receivable		7,500
Prepaid Rent		2,300
Equipment		23,200
Accumulated Depreciation—Equip.				4,900
Notes Payable				5,900
Accounts Payable				4,900
Common Stock				21,200
Retained Earnings				7,930
Dividends		3,400
Service Revenue				15,300
Salaries and Wages Expense		10,800
Rent Expense		800
Depreciation Expense		630
Interest Expense		20
Interest Payable				20
Totals		60,150		60,150

Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
(1)	Apr. 30
		(To close revenue account)
(2)	Apr. 30
		(To close expense accounts)
(3)	Apr. 30
		(To close net income / (loss))
(4)	Apr. 30
		(To close dividends)

Answer 1

Ans:-

Journalize the closing entries

No	Date	Account Titles and Explanation	Debit	Credit
1)	Apr. 30	Service Revenue	15300
		To Income Summary		15300
		(To close revenue account)
2)	Apr. 30	Income Summary	12250
		To Salaries and Wages Expense		10800
		To Rent Expense		800
		To Depreciation Expense		630
		To Interest Expense		20
		(To close expense accounts)
3)	Apr. 30	Income Summary	3050
		To Retained Earnings [15300 - 12250]		3050
		(To close net income)
4)	Apr. 30	Retained Earnings	3400
		To Dividend		3400
		(To close dividends)