The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Sálaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 July 31 (To close revenue account) Debit I Credit
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Sálaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010. The statement of retained earnings shows an opening balance for Retained Earnings of $20,010 and Dividends $1,350. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 July 31 (To close revenue account) Debit I Credit
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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The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Sálaries and Wages Expense
$8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010. The statement of retained earnings shows an
opening balance for Retained Earnings of $20,010 and Dividends $1,350.
(a)
Prepare closing journal 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 Account Titles and Explanation
July 31
July 31
(To close revenue account)
Debit
I
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2a01706-5bd6-45f6-bee3-12a1077ca3a3%2Fd65fae11-9463-496b-ae9f-c7d1bc56a7f1%2F77d3ihd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Sálaries and Wages Expense
$8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010. The statement of retained earnings shows an
opening balance for Retained Earnings of $20,010 and Dividends $1,350.
(a)
Prepare closing journal 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 Account Titles and Explanation
July 31
July 31
(To close revenue account)
Debit
I
Credit
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