Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The following account balances appear on the year-end adjusted trial balance of Wagner Accounting & Tax Services: Retained Earnings. $229.000: Service Revenue, $895,000: Salaries Expense. $389,000; Rent Expense. $149,000; Interest Expense. $84,000; and Dividends. $59,000. Record the necessary closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The following account balances appear on the year-end adjusted trial balance of Wagner Accounting & Tax Services: Retained Earnings. $229.000: Service Revenue, $895,000: Salaries Expense. $389,000; Rent Expense. $149,000; Interest Expense. $84,000; and Dividends. $59,000. Record the necessary closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please refer to the picture for the question, I would be appreciated if you can include an explanation. thank you so much!
Transcribed Image Text:Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The following account balances appear on
the year-end adjusted trial balance of Wagner Accounting & Tax Services: Retained Earnings, $229.000; Service Revenue, $895,000:
Salaries Expense, $389,000; Rent Expense, $149,000; Interest Expense. $84,000: and Dividends, $59.000.
Record the necessary closing entries. (If no entry is requlred for a transactlon/event, select "No Journal Entry Requlred" In the first
account fleld.)
View transaction list
Journal entry worksheet
3
>
Record the entry to close revenue accounts.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal
2.
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