The Beep-Beep Alarm Company provides security services in Bloomington, IL. At the year end 2019, after adjusting entries have been made, the following list of account balances is prepared. Service Revenue $ 612,900 Salaries Expense $ 148,250 Rent Expense $ 27,600 Utilities Expense $ 48,800 Supplies Expense $ 51,900 Income Tax Expense $ 30,800 Retained Earnings $ 305,550 Dividends $ 6,000 1. Prepare the closing journal entry to close the revenue account on December 31st.  Date Account Debit Credit 2. Prepare the closing journal entry to close the expense account on December 31st.  Date Account Debit Credit 3. Income Summary is an account used to indicate consideration of all revenues and expenses as one value for a closing entry. Prepare the closing journal entry on December 31st to close Income Summary if the company used this as a single account rather than individually closing revenues and expenses. Hint: this means the company did not individually complete #1 and #2 but the outcome should be the same.  Date Account Debit Credit 4. Prepare the closing journal entry to close the Dividend Account on December 31st.  Date Account Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The Beep-Beep Alarm Company provides security services in Bloomington, IL. At the year end 2019, after
adjusting entries have been made, the following list of account balances is prepared.
Service Revenue $ 612,900
Salaries Expense $ 148,250
Rent Expense $ 27,600
Utilities Expense $ 48,800
Supplies Expense $ 51,900
Income Tax Expense $ 30,800
Retained Earnings $ 305,550
Dividends $ 6,000
1. Prepare the closing journal entry to close the revenue account on December 31st. 
Date Account Debit Credit
2. Prepare the closing journal entry to close the expense account on December 31st. 
Date Account Debit Credit
3. Income Summary is an account used to indicate consideration of all revenues and expenses as one value for a closing entry.
Prepare the closing journal entry on December 31st to close Income Summary if the company used this as a single account rather
than individually closing revenues and expenses. Hint: this means the company did not individually complete #1 and #2 but the
outcome should be the same. 
Date Account Debit Credit
4. Prepare the closing journal entry to close the Dividend Account on December 31st. 
Date Account Debit Credit
 
 
 
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