August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and...

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August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Pay

repare the closing entries for the temporary accounts at August 31. (If no entry is required, select No Entry for the accou

(To close income / (loss)) Aug. 31 (To close dividends)

business accounting

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Answer 1

Answer #1

Required closing entries are:

Date	Account tiltes and explanation	Debit	Credit
Aug 31	Service revenue	$32570
	Rent revenue	$14370
	Income summary		$46940
	(to close revenue accounts)

Aug 31	Income summary	$43735
	Salaries and wages expense		$17950
	Supplies expense		$1840
	Rent expense		$21485
	Insurance expense		$1260
	Depreciation expense		$1200
	(to close expense accounts)

Aug 31	Income summary	$3205
	Retained earnings		$3205
	(to close income)

Aug 31	Retained earnings	$2910
	Dividends		$2910
	(to close dividends)

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Answer 2

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