HW Score: 5794% P3-64A (similar to) The accounts of Meadowbrook Services, Inc, a

Question

HW Score: 5794% P3-64A (similar to) The accounts of Meadowbrook Services, Inc, at January 31,2016, are listed in alphabotical onder (Click accounts) 1. A 2. A T-account for Retained Eamings has been set up Post to that account Then compute Meadowbrook's net income for the year ended Jenuary 31, 2016. What is the ending balance of Retained Eangs . Did Retained Eamings increase or decrease during the year? What caused the increase or the decrease? have been ournalized and posted but the closing entries have not yet been made Journal e Meadowbrook's dosing enties at January 31, 2016 Record the closing entries for Meadowbrook at January 31.2016. Begin by closing the revenue accountData Table Journal Ent 5 1000 12 600 Interest expense (1) Jan 31 Accounts recelvable equipment 11,400 Retained anings 17 900 Jauary 1 201s 5 300 6 oe Type here to

Explanation / Answer

Closing entries :

Date accounts & explanation debit credit Income summary a/c 45300     Advertising expenses 11400     Depreciation expenses-equipment 1800      Interest expenses 1000     Salary expenses 26300      Supplies expenses 4800 (To record close of expenses account) Service revenue a/c 99000       Income summary a/c 99000 (TO record close of income account) Income summary a/c 53700      Retained earnings a/c 53700 (To record close of income summary a/c) Retained earnings a/c 13500     Dividend a/c 13500 (To record close of dividend account)

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