Question

EX 4-23 Completing an end-of-period spreadsheet Account Title Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Income Statement Trial Balance Debit Credit Debit Credit 12 103 Balance Sheet Debit Credit 12 103 50 210 210 Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depr.-Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Insurance Expense Utilities Expense Supplies Expense Depreciation Expense-Equipment Miscellaneous Expense Totals Net Income (loss) 213 213 111 12 148 213 369 304 65 369 213 213 369

Answer 1

Closing entries

No	Account and explanation	Debit	Credit
a	Fees earned	213
	Income summary		213
	(To close revenue)
b	Income summary	148
	Wages expense		111
	Rent expense		12
	Insurance expense		10
	Utilities expense		6
	Supplies expense		4
	Depreciation expense equipment		3
	Miscellaneous expense		2
	(To close expense)
c	Income summary	65
	Retained earnings		65
	(To close income summary)
d	Retained earnings	8
	Dividend		8
	(To close dividend)