Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper...

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $82,760 Dividends 29,980 Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages Expense 103,850 Accounts Payable $60,420 Accumulated Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained Earnings 70,450 Supplies Expense 1,600 Collapse question part (a) Prepare closing entries.

Homework Answers

Answer #1
No. Date Account Titles and Explanation Debit Credit
1 Dec. 31, 2017 Service revenue 209530
Rent revenue 7070
Income Summary 216600
(To close revenue accounts)
2 Dec. 31, 2017 Income Summary 124600
Depreciation expense 15050
Salaries and wages expense 103850
Rent expense 4100
Supplies expense 1600
(To close expense accounts)
3 Dec. 31, 2017 Income Summary ($216600 - $124600) 92000
Retained earnings 92000
(To close Income Summary)
4 Dec. 31, 2017 Retained earnings 29980
Dividend 29980
(To close dividends account)
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