vitalscores: Firnncid Acco. x : W, Chapter 4 lecture Notes [Guided Solu X Chegg

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vitalscores: Firnncid Acco. x : W, Chapter 4 lecture Notes [Guided Solu X Chegg Study Graded Solux //edugen.ileyplus.com/edugen/student/mainfr.uni Kimmel, Financial Accounting, Be FINANCIAL ACCOUNTING (A ctice Gradebook ORION Downloadable eTextbook ment CALCULAFOR FIURL SCREEN Brief Fxercise 4-14 sthows arn opening balance tor Relained Earnings of $20,000 and Dividends $1,300 Prepare closing journal entries. (If no entry is required, select "Na Fntry tor Lhhe accoont titles and enter o for Lhe amounts. Credit account tiükes are a s r sning balae te Reline o a neth es a aud. 31 laous Service Revernin $16,00, ari and Weo Service Revenun $16,000, Salaries and wages Dpe8.10, Mairhenance and Repais Expenca $7,500, and incom e Tax Expense $1,000. The statement uf retained eamings utomaticaly indented when the amount is entered. Do not indent manuaily.) Date Account Iitles and Explanation July 31 Debit Credit (To cluse revenue arrount) July 31 (To dlose expense accounts) uly 31 In Need Of Some Lock No Furtter Latin Lave? (To dux nel income/luss) lu relained earnitice Photo 0923 5ajpg

Explanation / Answer

31-Jul Service Revenue 16000         Income Summary 16000 31-Jul Income Summary 11930        Salaries and wages expense 8430        Maintenance and repairs expense 2500        Income tax expense 1000 31-Jul Income Summary 4070 =16000-11930         Retained earnings 4070 31-Jul Retained earnings 1300         Dividends 1300

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