Preparing Closing Entries

Following is a partial adjusted trial balance for Accel Inc. for its year ended December 31, 2020.

Acct. No.	Description	Debit	Credit
310	Retained earnings	$	$100
315	Dividends	200
400	Sales		300
405	Consulting revenue		400
500	Cost of goods sold	500
502	Salaries expense	600
510	Supplies expense	700
515	Insurance expense	800
520	interest expense	900

Prepare the closing entries for revenues, expenses, and dividends. Use the Income Summary account to close income statement amounts.

Prepare the closing entries for revenues, expenses, and dividends. Use the Income Summary account to close income statement amounts.

General Journal
Account Name	Dr.	Cr.
Answer

Answer	Answer
Consulting Revenue	Answer	Answer
Income Summary	Answer	Answer
To close revenues to income summary.
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Answer	Answer
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Answer	Answer
Salaries Expense	Answer	Answer
Supplies Expense	Answer	Answer
Insurance Expense	Answer	Answer
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Answer	3,200
To close expenses to income summary.
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Answer	Answer
Answer

Answer	Answer
To close income summary to retained earnings.
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Answer	Answer
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Answer	Answer
To close dividends to retained earnings.