Refer to E7.15. Prepare the closing entries for Wagner Services, Inc., on August 31, 2018.

Data from E7.15

Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of retained earnings for the month ended August 31, 2018 (its first month of operations). Dividends of $2,500 were paid during the month and there were no additional capital stock transactions during the month.

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Cash Supplies Prepaid rent Wagner Services, Inc. Adjusted Trial Balance August 31, 2018 Equipment Accumulated depreciation-equipment Furniture Accumulated depreciation-furniture Accounts payable Note payable Interest payable Capital stock Retained earnings Service fee revenue Supplies expense Rent expense Interest expense Depreciation expense Postage expense Telephone expense Utilities expense Total Debits Credits $4,600 400 650 5,600 2,700 2,500 150 650 $ 1,200 900 800 3,000 150 6,000 5,800 25 300 125 50 100 $17,850 $17,850