with the info above post the closing entries and balance the accounts (use T-CHART) Closing Entries are

with the info above post the closing entries and balance the accounts
(use T-CHART)

Transcribed Image Text:

Closing Entries are prepared as follows: Date 2. 3. 4. General Journal Account Titles and Explanation Service Revenue 60,500 Income Summary (To close the revenue account) Maintenance and Repairs Expense Depreciation Expense Debit Credit Income Summary 38,300 Insurance Expense Salaries and Wages Expense Utilities Expense (To close the expense accounts) Income Summary 22,200 Retained Earnings To transfer balance in income summary to retained earnings) MacBook Air Retained Earnings 18,400 Dividends (To close dividends account) 60,500 1,700 2,900 1,700 30,400 1,600 22,200 18,400 Closing Entries are prepared as follows: Date 2. 3. 4. General Journal Account Titles and Explanation Service Revenue 60,500 Income Summary (To close the revenue account) Maintenance and Repairs Expense Depreciation Expense Debit Credit Income Summary 38,300 Insurance Expense Salaries and Wages Expense Utilities Expense (To close the expense accounts) Income Summary 22,200 Retained Earnings To transfer balance in income summary to retained earnings) MacBook Air Retained Earnings 18,400 Dividends (To close dividends account) 60,500 1,700 2,900 1,700 30,400 1,600 22,200 18,400