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The income statement for the Sarasota Golf Club Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,060. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040. (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 O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense Debit 17120 Credit 0 0 17120 13960 0 No Entry 9470 Maintenance and Repairs Expense No Entry 3430 Income Tax Expense (To close expense accounts) July 31 Income Summary No Entry 1060 3160 0 No Entry 3160 Retained Earnings (To close net income to retained earnings) July 31 Retained Earnings No Entry Dividends (To close dividends to retained earnings) 2040 No entry No Entry

The income statement for the Sarasota Golf Club Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,060. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040. (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 O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense Debit 17120 Credit 0 0 17120 13960 0 No Entry 9470 Maintenance and Repairs Expense No Entry 3430 Income Tax Expense (To close expense accounts) July 31 Income Summary No Entry 1060 3160 0 No Entry 3160 Retained Earnings (To close net income to retained earnings) July 31 Retained Earnings No Entry Dividends (To close dividends to retained earnings) 2040 No entry No Entry

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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PLEASE HELP. ALL THE BOXES THAT ARE OUTLINED IN RED ARE INCORRECT/FORMATTED WRONG. PLS DO NOT JUST GIVE ME THE SAME ANSWERS SOMETHING IS WRONG. LOOK AT THE IMAGE AND SEE MY PREVIOUS attempt, AND GO OFF THAT PLS BECAUSE THIS IS MY FINAL ATTEMPT

The income statement for the Sarasota Golf Club Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,060. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040. (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 O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense Debit 17120 Credit 0 0 17120 13960 0 No Entry 9470 Maintenance and Repairs Expense No Entry 3430 Income Tax Expense (To close expense accounts) July 31 Income Summary No Entry 1060 3160 0 No Entry 3160 Retained Earnings (To close net income to retained earnings) July 31 Retained Earnings No Entry Dividends (To close dividends to retained earnings) 2040 No entry No Entry
Transcribed Image Text:The income statement for the Sarasota Golf Club Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,060. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040. (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 O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Service Revenue Income Summary (To close revenue account) July 31 Income Summary Salaries and Wages Expense Debit 17120 Credit 0 0 17120 13960 0 No Entry 9470 Maintenance and Repairs Expense No Entry 3430 Income Tax Expense (To close expense accounts) July 31 Income Summary No Entry 1060 3160 0 No Entry 3160 Retained Earnings (To close net income to retained earnings) July 31 Retained Earnings No Entry Dividends (To close dividends to retained earnings) 2040 No entry No Entry
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