Brief Exercise 1-14 (Part Level Submission) The income statement for the Larkspu

Question

Brief Exercise 1-14 (Part Level Submission) The income statement for the Larkspur, Inc. for the month ended uly 31 shows Service Revenue $17,120, Salaries and Waces Expense $9.470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,050. The statemerit of retained earnings shows an opaning balance for Retained Farnings of $24,930 and Dividends $2,040 Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manuaily.) Date Account Titles and Explanation July 21 Debit Credit To clse revenue account) July 31 To close expense accounts) July 31 To close net income(loss) to retained earnings)

Explanation / Answer

(a)

Date Account titles and explanation Debit Credit July 31 Service revenue $17,120 Income summary $17,120 July 31 Income summary $13,960 Salaries and wages expense $9,470 Maintenance and repairs expense $3,430 Income tax expense $1,060 July 31 Income summary $3,160 Retained earnings $3,160 July 31 Retained earnings $2,040 Dividends $2,040

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