Question
The income statement for the Shamrock, Inc. for the month ended uly 31 shows Service Revenue...
The income statement for the Shamrock, Inc. for the month ended uly 31 shows Service Revenue $19,500, Salaries and Wages Expense 19,730, Maintenance and Repairs Expense $3.890, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $23,230 and Dividends $1,800 Prepare closing Journal entries. (If no entry is required, select "No Entry for the account eties and enter for the amounts Credit account sites are automatically indented when the amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit July 31 (To dese revenue account) July 31 (to close expense accounts July 31
Answers
Date Account Titles and Explanation Debit Credit July 31 Service Revenue 19500 Income Summary 19500 July 31 Income Summary 14910 Salaries and wages expense 9730 Maintenance and repairs expense 3890 Income Tax Expense 1290 (To close expense accounts) July 31 Income Summary 4590 =19500-14910 Retained Earnings 4590 (To close net income) July 31 Retained Earnings 1800 Dividends 1800 (To close net dividends)
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