The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows

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The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000. Salaries and Wages Expense $8,400, Maintenance and Repairs Expense $2500 and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.
(a) Prepare closing journal entries.
(b) What is the ending balance in Retained Earnings?
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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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