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Culver Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 Service Revenue $ 108.000 Supplies Expense 7.000 Salaries and Wages Expense 38.000 Accounts Receivable 17,000 Utilities Expense 6,000 Dividends 21.000 Rent Expense 17,000 Retained Earnings 80,000 Prepare the closing entries at December 31 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 108000 Income Summary 108000 (To dose revenue to income summary) 31 Income Summary 68000 Salaries and Wages Expense 38000 Supplies Expense 7000 Utilities Expense 6000 Rent Expense 17000 (To dlose expenses to income summary) 31 Income Summary Retained Earnings (To dose net income to retained earnings) 31 Retained Earnings 21000 Dividends 21000

Culver Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 Service Revenue $ 108.000 Supplies Expense 7.000 Salaries and Wages Expense 38.000 Accounts Receivable 17,000 Utilities Expense 6,000 Dividends 21.000 Rent Expense 17,000 Retained Earnings 80,000 Prepare the closing entries at December 31 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 108000 Income Summary 108000 (To dose revenue to income summary) 31 Income Summary 68000 Salaries and Wages Expense 38000 Supplies Expense 7000 Utilities Expense 6000 Rent Expense 17000 (To dlose expenses to income summary) 31 Income Summary Retained Earnings (To dose net income to retained earnings) 31 Retained Earnings 21000 Dividends 21000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help with the 3 part: income summary, retained earnings.
Culver Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 Service Revenue $ 108,000 Supplies Expense 7,000 Salaries and Wages Expense 38.000 Accounts Receivable 17,000 Utilities Expense 6,000 Dividends 21.000 Rent Expense 17,000 Retained Earnings 80,000 Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 108000 Income Summary 108000 (To dose revenue to income summary) 31 Income Summary 68000 Salaries and Wages Expense 38000 Supplies Expense 7000 Utilities Expense 6000 Rent Expense 17000 (To close expenses to income summary) 31 Income Summary Retained Earnings (To close net income to retained earnings) 31 Retained Earnings 21000 Dividends 21000
Transcribed Image Text:Culver Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 Service Revenue $ 108,000 Supplies Expense 7,000 Salaries and Wages Expense 38.000 Accounts Receivable 17,000 Utilities Expense 6,000 Dividends 21.000 Rent Expense 17,000 Retained Earnings 80,000 Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 108000 Income Summary 108000 (To dose revenue to income summary) 31 Income Summary 68000 Salaries and Wages Expense 38000 Supplies Expense 7000 Utilities Expense 6000 Rent Expense 17000 (To close expenses to income summary) 31 Income Summary Retained Earnings (To close net income to retained earnings) 31 Retained Earnings 21000 Dividends 21000
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