M$4-13($Algo$)$ Recording a Closing Entry L$04-4$

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $$610$ were

declared at the end of the year, and $500$ additional shares of common stock $($ $$0\mathrm{.}10$ par value per share$)$ were issued at the end of the

year for $$3,040$ in cash $($for a total at the end of the year of $820$ shares$).$ These effects are included below:Emily Consultants Company has a fiscal year ending December $31.$ For each of the following independent situations, indicate the journal entry by selecting the appropriate account descriptions and enter the amount$($s$).$ The first transaction is used as an example.

$\backslash$table$[[$Independent Situations,Debit,Credit$],[$Account$,$Amount,Account,Amount$],[$a$.$ Accrued wages, unrecorded and unpaid at year$-$end, $$570.,$Wage Expense,$570,$Wages Payable,$570],[$b$.$ Service revenue earned but not yet collected at year$-$end, $$770.,,,,],[$c$.$ Dividends declared during the year, $$1,070,$ to be paid next year.,,,,$],[$d$.$ Office supplies on hand during the year, $$570$; supplies on hand at year$-$end, $$330.,,,,],[$e$.$ Service revenue collected from customers in advance during the year, $$1,670.,,,,],[$f$.$ Depreciation expense for the year, $$1,170.,,,,],[$g$.$ Earned all but $$910$ of $(e)$ by the end of the year.,,,,$],[$h$.$ Sold $$3,700$ in investments at a gain of $$320.,,,,],[\backslash$table$[[$i$.$ Interest on $$13,500,8$ percent note payable $($borrowed on October $1$ of this year$)$; not yet$],[$recorded or paid at year end.$]],,,,],[$j$.$ Indicate the closing entry based on balances at year$-$end in the following accounts:,,,,$],[$j$.$ Service revenue, $$203,000,,,,],[$j$.$ Interest revenue, $$120,,,,],[$j$.$ Wage expense, $$147,000,,,,],[$j$.$ Depreciation expense, $$1,170,,,,],[$j$.$ Interest expense, $$270,,,,],[$j$.$ Supplies expense, $$240,,,,],[$j$.$ Dividends payable, $$1,070,,,,],[$j$.$ Income tax expense, $$2,800,,,,]]$