The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows Service Revenue $ 16,000, Salaries and Wages Expense $ 8,400, Maintenance and Repairs Expense $ 2,500, and Income Tax Expense $ 1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $ 20,000 and Dividends $ 1,300.(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.)DateAccount Titles and ExplanationDebitCreditJuly 31enter an account title to close revenue accountenter a debit amountenter a credit amount enter an account title to close revenue accountenter a debit amountenter a credit amount (To close revenue account) July 31enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount (To close expense accounts) July 31enter an account title to close net income/(loss) to retained earningsenter a debit amountenter a credit amount enter an account title to close net income/(loss) to retained earningsenter a debit amountenter a credit amount (To close net income/(loss) to retained earnings) July 31enter an account title to close dividends to retained earningsenter a debit amountenter a credit amount enter an account title to close dividends to retained earningsenter a debit amountenter a credit amount (To close dividends to retained earnings)

The process of recording business transactions in the books of accounts for the first time is known…

Answered: The income statement for the Bonita…

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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(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	Debit	Credit
July 31	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	(To close revenue account)
July 31	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	(To close expense accounts)
July 31	enter an account title to close net income/(loss) to retained earnings	enter a debit amount	enter a credit amount
	enter an account title to close net income/(loss) to retained earnings	enter a debit amount	enter a credit amount
	(To close net income/(loss) to retained earnings)
July 31	enter an account title to close dividends to retained earnings	enter a debit amount	enter a credit amount
	enter an account title to close dividends to retained earnings	enter a debit amount	enter a credit amount
	(To close dividends to retained earnings)