Sheffield Company shows the following balances in selected accounts of its adjus

Question

Sheffield Company shows the following balances in selected accounts of its adjusted trial balance. 104,000 Supplies Supplies Expense Accounts Receivable 15,000 Utlicies Expense Dividends Retained Eamings 71,000 31,000 Service Revenue 6,000 Salanes and Wages Expense 36,000 6,000 22,000 Rent Expense 19,000 Prepare the dsang entries at December 31· Credit account titles are atomoti al y ndented when annourt is entered. Do not be enr manualy Date Account Titles and Explanation Debit Credit Dec. 31 (To cose revenue to ncome summary) 31 (To dose expenses to income summary) 31 (To close net ncome to retaned eamingn) 31 (To close dividends to retained eamings)

Explanation / Answer

Date Accounts Title and Explanation Debit Credit 31-Dec Service Revenue 104000 Income Summary 104000 To close revenue to income summary 31-Dec Income Summary 67000 Supplies Expense 6000 Salaraies and Wages Expense 36000 Utilities Expense 6000 Rent Expense 19000 To close Expenses to income summary 31-Dec Income Summary 37000 Retained Earnings 37000 To close net income to retained earnings 31-Dec Retained Earnings 22000 Dividends 22000 To Close dividends to retained Earnings

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.