Bb.14. Current Attempt in ProgressDateJuly 31July 31uly 31The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17,470, Salaries andWages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retainedearnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760.uly 31(a)Your answer is partially correct.Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered.Do not indent manually.)DateJuly 31July 31Account Titles and ExplanationService Revenue"repare closing journal entries. (List all debitoccount titles and enter 0 for the amounts.Do not indent manually.)Income Summary(To close revenue account)Income SummarySalaries and Wages ExpenseMaintenance and Repairs ExpenseAccount Titles and ExplanationService RevenueIncome Summary(To close revenue account)Income SummarySalaries and Wages ExpenseMaintenance and Repairs ExpenseIncome Tax Expense(To close expense accounts)Income SummaryRetained EarningsDividends(To close net income to retained earnings)Retained Earnings(To close dividends to retained earnings)Debit17470Debit1371017470Creditore credit entries. If no entry is required, select "No Entry" for theunt titles are automatically indented when the amount is entered.1371017470176088703370Credit[III[]174708870337014701760

The following entry occur during the closing process: 1. Journal entries are made to return the…

The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17.470, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760. (a) Your answer is partially correct. Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Maintenance and Repairs Expense Debit 17470 13710 Credit 17470

The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17.470, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760. (a) Your answer is partially correct. Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Maintenance and Repairs Expense Debit 17470 13710 Credit 17470

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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Question

Bb.14.

Current Attempt in Progress
Date
July 31
July 31
uly 31
The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17,470, Salaries and
Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained
earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760.
uly 31
(a)
Your answer is partially correct.
Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered.
Do not indent manually.)
Date
July 31
July 31
Account Titles and Explanation
Service Revenue
"repare closing journal entries. (List all debito
ccount titles and enter 0 for the amounts.
Do not indent manually.)
Income Summary
(To close revenue account)
Income Summary
Salaries and Wages Expense
Maintenance and Repairs Expense
Account Titles and Explanation
Service Revenue
Income Summary
(To close revenue account)
Income Summary
Salaries and Wages Expense
Maintenance and Repairs Expense
Income Tax Expense
(To close expense accounts)
Income Summary
Retained Earnings
Dividends
(To close net income to retained earnings)
Retained Earnings
(To close dividends to retained earnings)
Debit
17470
Debit
13710
17470
Credit
ore credit entries. If no entry is required, select "No Entry" for the
unt titles are automatically indented when the amount is entered.
13710
17470
1760
8870
3370
Credit
[III
[]
17470
8870
3370
1470
1760

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