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An Adjusted Trial Balance for Tiger Inc., at December 31 appears below. Tiger, Inc. Adjusted Trial...

An Adjusted Trial Balance for Tiger Inc., at December 31 appears below.

Tiger, Inc.
Adjusted Trial Balance
December 31, 2015
Cash $33,750
Accounts Receivable        175,000
Office equipment        262,500
Accumulated depreciation:            office equipment $50,000
Accounts Payable 100,000
Income taxes payable 50,000
Capital stock 125,000
Retained earnings 100,000
Divident 42,500
Sales commissions earned 542,500
Advertising expense 80,000
Rent Expense 110,000
Salaries expense 112,500
Utilities expense 76,250
Depreciation expense:                                  office equipment 25,000
Income taxes expense 50,000
$967,500 $967,500

Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account.

Business   Accounting   
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Answer #1

Closing entries

Date account and explanation debit credit
Sales commissions earned 542500
Income summary 542500
(To close revenue)
Income summary 453750
  Advertising expense 80000
Rent expense 110000
Salaries expense 112500
Utilities expense 76250
Depreciation expense office equipment 25000
Income taxes expense 50000
(To close expense account)
Income summary 88750
Retained earnings 88750
(To close income summary)
Retained earnings 42500
Dividend 42500
(To close dividend)
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