Question

The account of Meadowbrook Services, Inc., at January 31, 2018 are isted in phabetical Click the icon to view tas) Read the remonts Requirement 1. Al adjustments have been junized and posted, but he dosing entries have not yet been made. Journal Madiwtrock's closing entries at Jay 31, 2018. (Record duties, the credits. Exclude infromary jounales Record ecosing restor Madowbrook of January 31, 2016. Begin by cong the rest Journal Entry Accounts De Credit 31

Answer 1

Aus Record the Closing entries for Meadowbrook at January 31, 2018. Begin by closing the Revenue Account Date Journal Entry Accounts Titles Debit Service Revenue Earned Dy$ 95,500 To Income Summary Credit Jan $95,500 - - (To record to close Service Revenue Earned Account) Next close the the Expense Accounts Credit Date o Jand Accounts THIES Debit Income Summary Dr. $ 46,300 To Advertising Expense To Interest Expense To salary Expense To Supplies Eupense To Depreciation Expense To record to close All the Expenses Accounts $ 11,200 200 $ 87,800 $ 5,000 $ 2.100

Next Date Close Income Summary_to_ Retained Earnings Journal Entry. Account Titles Debit Credit Income Summary Dr. $ 49,200 To Retained Earnings $ 49,200 To record to transfer Met Pneome earned in 2018 to the Retained Earnings account o $95,500 – $46,300 $49,200.) Next, close the dividends accounts Date Credit. Journal Entry, Account Titles Debit Retained Earnings Dr. $ 13,000 To Dividends Accounts Jun I $ 13,000 (To record to transfer dividends declared in 2018 to Retained Earnings Account)

Please give a positive ratings....................... Your ratings will be helpful for me. If you have any query regarding this solution please comment below. I will be grateful to help you. Thank you!