Question

The adjusted trial balance for Oriole Company is given below.

ORIOLE COMPANY Trial Balance August 31, 2022
		Before Adjustment				After Adjustment
		Dr.		Cr.		Dr.		Cr.
Cash		$11,640				$11,640
Accounts Receivable		8,440				8,940
Supplies		2,930				1,370
Prepaid Insurance		4,250				2,860
Equipment		16,000				16,000
Accumulated Depreciation—Equipment				$3,600				$4,800
Accounts Payable				5,870				5,870
Salaries and Wages Payable				0				1,140
Unearned Rent Revenue				1,920				1,080
Common Stock				18,220				18,220
Retained Earnings				5,700				5,700
Dividends		2,600				2,600
Service Revenue				34,240				34,740
Rent Revenue				13,720				14,560
Salaries and Wages Expense		16,170				17,310
Supplies Expense		0				1,560
Rent Expense		21,240				21,240
Insurance Expense		0				1,390
Depreciation Expense		0				1,200
		$83,270		$83,270		$86,110		$86,110

Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Aug.31	Service revenue	$34,740
	Rent revenue	14,560
	Income summary		$49,300
Aug.31	Income summary	$42,700
	Salaries and wages expense		$17,310
	Supplies expense		1,560
	Rent expense		21,240
	Insurance expense		1,390
	Depreciation expense		1,200
Aug.31	Income summary ($49,300-42,700)	$6,600
	Retained earnings		$6,600
Aug.31	Retained earnings	$2,600
	Dividends		$2,600