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Pina Colada Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 $ 110,000 Service Revenue Supplies Expense 9,000 Salaries and Wages Expense 38,000 Accounts Receivable 18,000 Utilities Expense 8,000 Dividends 22,000 Rent Expense 16,000 Retained Earnings 75,000

Pina Colada Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $ 32,000 $ 110,000 Service Revenue Supplies Expense 9,000 Salaries and Wages Expense 38,000 Accounts Receivable 18,000 Utilities Expense 8,000 Dividends 22,000 Rent Expense 16,000 Retained Earnings 75,000

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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can someone explain the steps they took to solve this practice problem for my financial accounting class? thank you! 

**Pina Colada Company Adjusted Trial Balance** Pina Colada Company shows the following balances in selected accounts of its adjusted trial balance: - **Supplies:** $32,000 - **Supplies Expense:** $9,000 - **Accounts Receivable:** $18,000 - **Dividends:** $22,000 - **Retained Earnings:** $75,000 - **Service Revenue:** $110,000 - **Salaries and Wages Expense:** $38,000 - **Utilities Expense:** $8,000 - **Rent Expense:** $16,000 **Prepare the Closing Entries at December 31** *(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)* #### Date: Account Titles and Explanation | Debit | Credit **Dec. 31** - **To close revenue to income summary** (Blank rows for entry) **31** - **To close expenses to income summary** (Blank rows for entry) **31** - **To close net income to retained earnings** (Blank rows for entry) **31** - **To close dividends to retained earnings** (Blank rows for entry) This document is set up for making necessary accounting adjustments by closing temporary accounts at the end of the period. The sections are organized to facilitate the process of journalizing closing entries which transition account balances to reflect on the financial statements effectively.
Transcribed Image Text:**Pina Colada Company Adjusted Trial Balance** Pina Colada Company shows the following balances in selected accounts of its adjusted trial balance: - **Supplies:** $32,000 - **Supplies Expense:** $9,000 - **Accounts Receivable:** $18,000 - **Dividends:** $22,000 - **Retained Earnings:** $75,000 - **Service Revenue:** $110,000 - **Salaries and Wages Expense:** $38,000 - **Utilities Expense:** $8,000 - **Rent Expense:** $16,000 **Prepare the Closing Entries at December 31** *(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)* #### Date: Account Titles and Explanation | Debit | Credit **Dec. 31** - **To close revenue to income summary** (Blank rows for entry) **31** - **To close expenses to income summary** (Blank rows for entry) **31** - **To close net income to retained earnings** (Blank rows for entry) **31** - **To close dividends to retained earnings** (Blank rows for entry) This document is set up for making necessary accounting adjustments by closing temporary accounts at the end of the period. The sections are organized to facilitate the process of journalizing closing entries which transition account balances to reflect on the financial statements effectively.
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