Question

Concord Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as...

Concord Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is shown as follows.
I figured out the closing entries but need help with retained earnings and income summary accounts.

Concord Company
Adjusted Trial Balance
July 31, 2022

No.

Account Titles

Debit

Credit

101 Cash

$9,950

112 Accounts Receivable

9,500

157 Equipment

16,400

158 Accumulated Depreciation—Equip.

$7,600

201 Accounts Payable

4,600

208 Unearned Rent Revenue

1,800

311 Common Stock

21,750

320 Retained Earnings 25,500
332 Dividends

14,800

400 Service Revenue

64,000

429 Rent Revenue

6,000

711 Depreciation Expense

9,000

726 Salaries and Wages Expense

56,600

732 Utilities Expense

15,000

    

$131,250

$131,250

Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Retained Earnings

No. 320

Date

Explanation

Ref

Debit

Credit

Balance

July 31

select an explanation                                                                      Close ExpensesBalanceClose DividendsClose Net Income/LossClose Revenues

J15

enter a debit amount

enter a credit amount

enter a balance amount

July 31

select an explanation                                                                      Close ExpensesClose RevenuesClose DividendsClose Net Income/LossBalance

J15

enter a debit amount

enter a credit amount

enter a balance amount

July 31

select an explanation                                                                      Close ExpensesBalanceClose RevenuesClose DividendsClose Net Income/Loss

J15

enter a debit amount

enter a credit amount

enter a balance amount

Income Summary

No. 350

Date

Explanation

Ref

Debit

Credit

Balance

July 31

select an explanation                                                                      Close RevenuesBalanceClose Net Income/LossClose ExpensesClose Dividends

J15

enter a debit amount

enter a credit amount

enter a balance amount

July 31

select an explanation                                                                      Close DividendsBalanceClose Net Income/LossClose ExpensesClose Revenues

J15

enter a debit amount

enter a credit amount

enter a balance amount

July 31

select an explanation                                                                      Close Net Income/LossBalanceClose DividendsClose RevenuesClose Expenses

J15

enter a debit amount

enter a credit amount

enter a balance amount

Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

July 31

enter an account title to close revenue accounts on July 31

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts on July 31

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts on July 31

enter a debit amount

enter a credit amount

(To close revenue accounts)

July 31

enter an account title to close expense accounts on July 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on July 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on July 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on July 31

enter a debit amount

enter a credit amount

(To close expense accounts)

July 31

enter an account title to close net income or loss on July 31

enter a debit amount

enter a credit amount

enter an account title to close net income or loss on July 31

enter a debit amount

enter a credit amount

(To close net income / (loss))

July 31

enter an account title to close dividends on July 31

enter a debit amount

enter a credit amount

enter an account title to close dividends on July 31

enter a debit amount

enter a credit amount

(To close dividends)

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