Question

* I already have numbers filled in but i am not sure if it is correct

Posting Closing Entries Show the effects of the following transactions by entering beginning balances in appropriate T accounts and recording the transactions. Assume that the Retained Earnings account had a beginning balance of $1,300. Dec. 31 Patient Services Revenues 3,400 Laboratory Fees Revenues 1,800 Income Summary 5,200 Dec. 31 Income Summary 3,000 Rent Expense 1,400 Wages Expense 1,100 Other Expenses 500 Dec. 31 Income Summary 2,200 Retained Earnings 2,200 Dec. 31 Retained Earnings 800 Dividends 800 Note: If a balance is zero, enter "0". Enter amounts in the order given above. Retained Earnings 800 1,400 2200 Bal. 0 Dividends 800 800 Bal. 0 Income Summary 5200 5,200 0 Bal. 0 Patient Services Revenues 3,400 3,400 Bal. 0 Laboratory Fees Revenues 1800 1800 Bal. 0 Rent Expense 1400 1400 Bal. 0 Wages Expense 1100 1100 Bal. 0 Other Expenses 500 500 Bal. 0

Answer 1

Retained Earnings
Dividend	$800	Opening Balance	$1,300
Clsoing Balance	$2,700	Net Income	$2,200

Dividend
Cash	$800	Retained earning	$800
Closing balance	$0

Patient Service
income sumary	$3,400	Accounts payable/Cash	$3,400
Closing balance	$0

Laboratory Fees
income sumary	$1,800	Accounts payable/Cash	$1,800
Closing balance	$0

Rent
Accounts payable/Cash	$1,400	income sumary	$1,400
		Closing balance	$0

Wages
Accounts payable/Cash	$1,100	income sumary	$1,100
		Closing balance	$0

Other Expenses
Accounts payable/Cash	$500	income sumary	$500
		Closing balance	$0

Income Summary
Income
Patient Service	$3,400
Laboratory	$1,800
	$5,200
Expenses
Rent	$1,400
Wages	$1,100
Other Expenses	$500
	$3,000
Net income	$2,200