Question: need help with the wrong answers please 1. 2. Date Account Titles and Explanation Aug. 31 Aug. 31 Service Revenue Interest Income Income Summary (To

need help with the wrong answers please and Explanation Aug. 31 Aug. 31 Service Revenue Interest Income Income Summary (To close revenue accounts) Income Summary Salaries Expense Rent Expense Supplies Expense Depreciation Expense Advertising Expense Income Tax Expense (To close expense accounts) Debit 9350 21 Credit 7794 9371 5790 390 890 184 220 320 3. 4. Aug. 31 Aug. 31 (To close expense accounts) Income Summary Retained Earnings (To close net income/loss) Retained Earnings Dividends Declared (To transfer dividends declared) 1577 550 1577 550 Aug. 1 Bal. Aug. 6 Aug. 13 Aug. 29 Aug. 31 Bal. Aug. 1 Bal. Aug. 27 Aug. 31

1. 2. Date Account Titles and Explanation Aug. 31 Aug. 31 Service Revenue Interest Income Income Summary (To close revenue accounts) Income Summary Salaries Expense Rent Expense Supplies Expense Depreciation Expense Advertising Expense Income Tax Expense (To close expense accounts) Debit 9350 21 Credit 7794 9371 5790 390 890 184 220 320 3. 4. Aug. 31 Aug. 31 (To close expense accounts) Income Summary Retained Earnings (To close net income/loss) Retained Earnings Dividends Declared (To transfer dividends declared) 1577 550 1577 550 Aug. 1 Bal. Aug. 6 Aug. 13 Aug. 29 Aug. 31 Bal. Aug. 1 Bal. Aug. 27 Aug. 31 Bal. Aug. 1 Aug. 31 Bal. Cash 5,980 Aug. 1 3,420 Aug. 3 3,650 Aug. 10 820 Aug. 17 Aug. 24 Aug. 31 4,700 Accounts Receivable 4,460 Aug. 6 4,910 5,950 Prepaid Advertising 440 Aug. 31 Adj. 220 440 390 2,990 2,040 2,760 550 3,420 220 Aug. 1 Bal. Aug. 22 Aug. 31 Bal. Aug. 3 Aug. 31 Bal. Aug. 1 Bal. Aug. 31 Bal. Aug. 1 Bal. Aug. 31 Adj. Aug. 31 Bal. Aug. 1 Bal. Aug. 15 Supplies 980 Aug. 31 Adj. 820 910 Prepaid Rent 390 Aug. 31 Adj. Note Receivable 4,200 4,200 Interest Receivable 21 21 42 Equipment 10,600 2,040 890 390 Aug. 17 Aug. 10 Accumulated Depreciation - - Equipment Aug. 1 Bal. Aug. 31 Adj. Aug. 31 Bal. Accounts Payable 2,040 Aug. 1 Bal. Aug. 15 Aug. 22 Aug. 31 Bal. Salaries Payable 1,550 Aug. 1 Bal. Aug. 31 Adj. Aug. 31 Bal. Income Tax Payable Aug. 31 Adj. Aug. 31 Bal. 1,840 184 2,024 2,410 2,040 820 3,230 1,550 1,590 1,590 320 320 Aug. 31 Adj. Aug. 31 CE4 Aug. 31 Aug. 31 Bal. Deferred Revenue 790 Aug. 1 Bal. Aug. 29 Aug. 31 Bal. Common Shares Retained Earnings 550 Aug. 1 Bal. Aug. 31 Bal. 550 0 Aug. 1 Bal. Aug. 31 CE3 Dividend Declared Aug. 31 Bal. Aug. 31 CE4 1,270 820 1,300 13,100 13,100 6,071 1577 7098 550 Aug. 31 CE1 Aug. 31 Bal. Aug. 31 CE1 Aug. 10 Aug. 24 Aug. 31 Adj. Aug. 31 Bal. Aug. 31 Bal. Service Revenue 9350 0 21 Interest Income 1,440 2,760 1,590 Aug. 13 Aug. 27 Aug. 31 Adj. 5,790 0 Aug. 31 Bal. Aug. 31 Bal. Salaries Expense Aug. 31 Adj. Aug. 31 Bal. Aug. 31 CE2 Aug. 31 Bal. 3,650 4,910 790 9,350 21 5790 0 Aug. 31 Adj. Aug. 31 Bal. Aug. 31 Adj. Aug. 31 Bal. Aug. 31 Adj. Aug. 31 Bal. Aug. 31 Adj. Aug. 31 Bal. Rent Expense 390 0 Supplies Expense 890 0 Depreciation Expense 184 Aug. 31 CE2 + 320 0 i Aug. 31 CE2 + Income Tax Expense Aug. 31 CE2 + Aug. 31 CE2 + Aug. 31 Bal. 390 890 184 320 O Aug. 31 Adj. Aug. 31 Bal. Aug. 31 Adj. Aug. 31 Bal. Aug. 31 CE2 + Aug. 31 CE2 + Income Tax Expense 320 0 220 Advertising Expense Aug. 31 CE2 + 7794 Aug. 31 Bal. 1577 Aug. 31 CE2 + Income Summary Aug. 31 Bal. Aug. 31 CE1 Aug. 31 Bal. Aug. 31 Bal. + 320 0 220 0 9371 1577

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