Question

The accounts of Meadowbrook Services, Inc., at January 31, 2018, are listed in alphabetical order. (Click the icon to view the accounts.) Read the requirements Requirement 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook's closing entries at January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Data Table Record the closing entries for Meadowbrook at January 31, 2018. Begin by closing the revenue account. Journal Entry Date Accounts Debit Credit (1) Jan 31 Requirements 900 16,500 13,500 5,700 Next, close the expense accounts. Journal Entry Accounts 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook's closing entries at January 31, 2018. 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Meadowbrook's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Accounts payable ...............$ Accounts receivable. Accumulated depreciation, equipment Advertising Advertising expense Cash Common stock Current portion of long-term note payable Depreciation expense-equipment Dividends declared Equipment 12.700 Interest expense ........... 17.100 , Note payable, long term ...... Other assets, long-term ...... 7.100 Prepaid expenses 11.000 Retained earnings, en 24 17,200 January 31, 2017 Salam 4.400 Salary expense Salary navale Salary payable 1.200 Service revenue. 1,600 Supplies 13,000 Supplies expense 42.400 Unearned service revenue. Date Debit Credit (2) Jan 31 13,000 26,200 2.400 95,500 3,700 4.000 3.500 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Print Done

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Answer 1

Meadowbrook services inc. Requirement 1 Requirement 2 Retained Earnings 13000 Balance 43700 Income Summary Dividends Income Summary 13000 95500 Closing Enteries Date Particulars Jan-31 Income Summary Salary Expense Supplies Expense Advertising Expense Depreciation Expense - Equipment Interest Expense (Expense accounts closed) Debit in $ Credit in $ 43700 26200 4000 11000 Balance 51800 108500 108500 1600 900 Net Income for 2018 was $51800 Requirement 3 95500 Jan-31 Service Revenue Income Summary (Revenue accounts closed) 95500 Retained Earnings increased during 2018 because net income was $51800 51800 Jan-31 Income Summary Retained Earnings (Profits transferred) 51800 Jan-31 13000 Retained Earnings Dividends (Dividend accounts closed) 13000