Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 9.00

Best Repair Shop, Inc.

Preparation of Closing Entries

 

E 1. The items below are from the Income Statement columns of the work sheet for Best Repair Shop, Inc., for the year ended December 31, 2010.

 

Income Statement

Account Name

 

Debit

 

 

Credit

Repair Revenue

 

 

25,620

Wages Expense

8,110

 

 

 

Rent Expense

1,200

 

 

 

Supplies Expense

4,260

 

 

 

Insurance Expense

915

 

 

 

Depreciation Expense–Repair Equipment

1,345

 

 

 

Income Taxes Expense

1,000

 

 

 

 

16,830

25,620

Net Income

8,790

 

 

 

 

 

 

 

 

 

 

25,620

25,620

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare entries in journal form to close the revenue, expense, Income Summary, and Dividends accounts. Dividends of $5,000 were paid during the year.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 01:08 PM My Price 9.00

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