E3-7 Closing journal entries

Date Account titles and explanation Debit

Service revenue 4,300
Income summary

Income summary
Salaries and wage expense
Miscellaneous expense
Supplies expense

Income summary 1360

Retained earnings

Income summary 300

Dividends

Post closing trial balance Debit

Cash 3712
Accounts recievable 2904
Supplies 480
Total 7096
Share capital-ordinary
Retained earnings
Accounts payable
Unearned service revenue
Salaries and wage payable
Total

E4-9
a) Income statement
Retained earnings
Service revenue 64000 Net income(+)
Rent revenue 6500 Dividends(-)
Total 70500 Retained earnings

Depreciation expense 3700

Salaries and wage expense 55700
Utilities expense 14900
Total 74300

Net income -3800

b) Balance sheet
Cash 9840
Accounts receivable 8140
Equiptment 15900
Accumulated depreciation(-) 5400
Total 28480
Accounts payable 2220
Unearned rent revenue 3800

Common stock 18000

Retained earnings 4460
Total 28480

E-11
a) Closing journal entries
Date Accounts titles Debit
Service revenue 18100
Income summary

Income summary 13000

Salaries and wage expense
Supplies expense
Rent expense

Retained earnings 5100

Income summary

Retained earnings 2200

Dividends

b) Income summary
Close revenues 18100
Close expenses
Close retained earnings
18100
Credit

4,300

2724
1344
180
1,200

1360

300

Credit

3000
2636
1056
160
244
7096

Retained earnings
20260
(-3800)
12000
4460
Credit

18100

8800
1200
3000

5100

2200

13000
5100
18100