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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.

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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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