Question 11 **Preparing Closing Entries for Mai Company**The ledger of Mai Company includes the following accounts with normal balances as of December 31:- **Retained Earnings:** $10,200- **Dividends:** $1,400- **Services Revenue:** $25,000- **Wages Expense:** $14,400- **Rent Expense:** $4,000### Instruction:Prepare the closing entries for December 31.### Journal Entry WorksheetUse the Journal Entry Worksheet below to record the necessary closing entries. 1. **Record the entry to close revenue accounts.**> **Note:** Enter debits before credits.#### Journal Entry Table| **Date** | **General Journal** | **Debit** | **Credit** ||----------|----------------------|-----------|------------|| December 31 | | | || | | | || | | | || | | | || | | | |#### Actions:- **Record Entry:** To save the journal entry.- **Clear Entry:** To clear the fields and start over.- **View General Journal:** To view the overall general journal.By following these steps, students can learn the process of preparing closing entries for a company's accounts at the end of the accounting period.

Journal entries show the recording of transactions during an accounting year and every transaction…

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $10,200; Dividends $1,400; Services Revenue $25,000; Wages Expense $14,400; and Rent Expense $4,000. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close revenue accounts.

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $10,200; Dividends $1,400; Services Revenue $25,000; Wages Expense $14,400; and Rent Expense $4,000. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close revenue accounts.

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

Question 11

**Preparing Closing Entries for Mai Company**

The ledger of Mai Company includes the following accounts with normal balances as of December 31:

- **Retained Earnings:** $10,200
- **Dividends:** $1,400
- **Services Revenue:** $25,000
- **Wages Expense:** $14,400
- **Rent Expense:** $4,000

### Instruction:

Prepare the closing entries for December 31.

### Journal Entry Worksheet

Use the Journal Entry Worksheet below to record the necessary closing entries.

1. **Record the entry to close revenue accounts.**

> **Note:** Enter debits before credits.

#### Journal Entry Table

| **Date** | **General Journal** | **Debit** | **Credit** |
|----------|----------------------|-----------|------------|
| December 31 | | | |
| | | | |
| | | | |
| | | | |
| | | | |

#### Actions:
- **Record Entry:** To save the journal entry.
- **Clear Entry:** To clear the fields and start over.
- **View General Journal:** To view the overall general journal.

By following these steps, students can learn the process of preparing closing entries for a company's accounts at the end of the accounting period.

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