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a Secure https//www Homework.aspx?homeworkld 4848974468 questionlid 38 flushed faseBcld 5029871&centerwinsyes; ACCT 2301.WP1 joseph Hernan ? : 7/4/1873 Homework: Chapter 03 Homework Score: 0 of 2 pts E3-27A (similar to) 5 of 5 (3 complete) Hw Score: 43.67%, 437 Data Table The following is the adjusted triail balance of Fitness 4 You, Inc for January 31, 2016 TEE (Click the icon to viw the trial balance ) Adjusted Trial Balance January 31, 2018 Begin by closing out the revenue accounts. (Recond debits frst, then credts. Exclude explanations from any jounal Debit Credi 5 12.200 Acceunt Journal Entry Accounts recelvable Fumture ccumulated deprecation, furniture $ 3,580 37. Accumulated deprecarion, equipment Accounts payable Salaries paryabie 1 200 5 100 2.200 21,000 Common stock Retained eamings Service revene Salaries epee Rent expens Depreoiation expense, equipment Depreciation expense, fumiture Supplies expense 53.000 Print Done Choose from any list or enter any number in the inpuit felds and then click Check Answer Check Angwe Clear Al O Type here to search

Explanation / Answer

Journal entry Date Accounts Debit Credit Dec 31 Service Revenue $53,000.00 Income Summary $53,000.00 To close revenue. Dec 31 Income Summary $48,400.00 Salaries Expenses $38,000.00 Rent Expenses $5,200.00 Depreciation Expense—Furniture $700.00 Depreciation Expense—Equipment $2,500.00 Supplies Expense $2,000.00 To close expenses. Dec 31 Income Summary ($53000 - $48400) $4,600.00 Retained Earnings $4,600.00 To close Income Summary. Dec 31 Retained Earnings $14,000.00 Dividend $14,000.00 To close Dividends

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