Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company...

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Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issucd the following income statement as part of its annual report: GERDES PSYCHOLOGICAL SERVICES, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011 Revenue: Counseling revenue Expenses: Advertising expense Salaries expense Office supplies expense Utilities expense.. Malpractice insurance expense Office rent expense. Continuing education expense Depreciation expense: fixtures Miscellaneous expense Income taxes expense Net income. $225,000 $ 1,800 94,000 1,200 850 6,000 24,000 2,650 4,500 6,000 29,400 170,400 $ 54,600 The firm's statement of retained earnings indicates that a S6,000 cash dividend was declared and paid during 2011. a. Prepare the necessary closing entries on December 31, 2011. ... .. .... . ... ... . ... ... ... ::: : : .... .. : .. :::: Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issucd the following income statement as part of its annual report: GERDES PSYCHOLOGICAL SERVICES, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011 Revenue: Counseling revenue Expenses: Advertising expense Salaries expense Office supplies expense Utilities expense.. Malpractice insurance expense Office rent expense. Continuing education expense Depreciation expense: fixtures Miscellaneous expense Income taxes expense Net income. $225,000 $ 1,800 94,000 1,200 850 6,000 24,000 2,650 4,500 6,000 29,400 170,400 $ 54,600 The firm's statement of retained earnings indicates that a S6,000 cash dividend was declared and paid during 2011. a. Prepare the necessary closing entries on December 31, 2011. ... .. .... . ... ... . ... ... ... ::: : : .... .. : .. ::::

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