Do not give solution in image Skysong Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. Thefollowing information has been taken from the adjusted trial balance:Accounts payableCash dividends-commonCommon sharesCost of goods soldDividends payableIncome tax expenseIncome tax payableIncome SummaryDate Explanation RefClosing entry J1July 31July 31 Closing entry J1July 31 Closing entry J1Retained EarningsDate Explanation RefAll accounts have normal balances and total assets equal $822,000. Skysong has a 20% income tax rate.Aug. 1 Balance$25,50060,000185,000Post the closing entries to Income Summary and Retained Earnings accounts. (Post entries in the order of Journal entry presented inthe previous part.)July 31 Closing entry J1304,500July 31 Closing entry J114,80034,0002,600Interest expenseNotes payableRetained earnings (Aug. 1, 2020)Salaries expenseSalesSupplies expenseUnearned revenueDebitDebit60000$6,100107,000355,700134,500668,50010,00012,000Credit668500CreditBalance668500Balance355700

Retained Earnings -The portion of profits or earnings that is not paid as dividends to shareholders…

Skysong Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense $25,500 60,000 185,000 304,500 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense 14,800 Sales 34,000 Supplies expense $6,100 107,000 355,700 134,500 668,500 10,000