Please do not give solution in image format thanku Service revenueCost of goods soldWages expenseAdvertising expenseDepreciation expense(a)Jan. 31Jan. 31Jan. 31321,200Prepare the necessary closing entries for Oriole Environment Ltd. at June 30. (List all debit entries before credit entries. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts)Date Account Titles and ExplanationJan. 3170,40029,04019,360(To close dividend account)(To close accounts with a debit balance)(To close income summary account)6,160DebitCredit Presented below are the balances from Oriole Environment Ltd's general ledger as at June 30, 2024:CashAccounts receivableInventoryEquipmentAccumulated depreciation, equipmentAccounts payable.Note payableDeferred revenueCommon sharesRetained earningsDividends declaredSales revenueService revenueCost of goods soldDR29,92070,400251,680322,96048,400231.000CR154,000123,20044,00036,96035,200140,800623,0406,160

Closing entries are the entries made to close the value of temporary accounts to permanent accounts.…

Answered: Service revenue Cost of goods sold…

Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense 321,200 70,400 29,040 19,360 6,160

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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