v > lifa1.lyryx.com + up Sans titre Assignment Ly Introduction to.. Assignment Ly Introduction to... Ly Lab 3.6 (Questi. Home - Canada... Course Hero Facilities - Mer... Spreadsheet Print Preferences Help Lab 3.6 (Question 3) Name: fx Marois Date: 2023-06-18 Official Time: 17:06:17 Question 3 [20 points] Following are the financial statements for Ludwig Inc. at January 31, 2023. Use this information to prepare the closing entries and to calculate the post-closing balance in the Retained earnings account. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). Ludwig Inc. General Journal Page GJ8 ncome Statement Date Account/Explanation F Debit Credit For Month Ended January 31, 2023 Revenues + - Consulting revenue earned. 3,690 nterest earned 1,850 Commissions earned. 6,550 + - Total revenues 12,090 Expenses Depreciation expense, building.. 1,360 + - Rent expense. 8,080 Total expenses 9,440 Net income ..:" 2,650 + - Ludwig Inc. Statement of Changes in Equity For Month Ended January 31, 2023 Post-closing balance in Retained earnings = Share Retained Totalv lifa1.lyryx.com + up Sans titre Assignment Ly Introduction to.. Assignment Ly Introduction to... Ly Lab 3.6 (Questi... Home - Canada.. Course Hero Facilities - Mer... Interest earned. 1,850 Commissions earned. 6,550 +- Total revenues. 12,090 Expenses Depreciation expense, building. 1,360 + - Rent expense. 8,080 Total expenses. 9,440 Net income. 2,650 + - Ludwig Inc. Statement of Changes in Equity For Month Ended January 31, 2023 Post-closing balance in Retained earnings = Share Retained Total Capital Earnings Equity Balance, January 1 5,410 8,760 14, 170 Issuance of shares. 4,600 4,600 Net income. 2,650 2,650 Dividends.. (2,710) (2,710) Balance, January 31 10,010 8,700 18,710 Ludwig Inc. Balance Sheet January 31, 2023 Assets Cash 1,810 Accounts receivable 3,520 Building. 47,680 Accumulated depreciation, building . 5, 100 42,580 Total assets. 47,910 Liabilities Bonds payable 18,080 Rent payable 11,120 Total liabilities. 29,200 Equity Share capital. 10,010 Retained earnings. 8,700 Total equity.. 18,710 Total liabilities and equity. 47,910