Accounting cycle review do it 0-10a cullumber company shows the following balances in selected accounts of its adjusted trial balance. supplies $30,080 supplies expense 5,640 accounts receivable 11,280 dividends 20,680 retained earnings 65,800 service revenue 101,520 salaries and wages expense 37,600 utilities expense 7,520 rent expense 16,920 prepare the remaining closing entries at december 31. (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.

Service Revenue 101,520 debit

   Income Summary 101,520 credit

to close revenue account

Income Summary                   67,680 debit

        Supplies expense                      5,640 credit

        Salaries and Wages Expense 37,600 credit

        Utilities Expense                        7,520 credit

         Rent Expense                           16,920 credit

to close expenses account

Income Summary 20,680 debit

           Dividends           20,680 credit

to close dividends

Income Summary 13,160 debit

     Retained Earnings   13,160 credit

to close income summary agains retained earnings

Explanation:

we will close the temporary account against income summary.

The temporary accounts will be dividends, revenues and expense account.

Then we will close income summary balance against retained earings.

Income Summary balance:

credit 101,520

debit   67,680

debit   20,680

Balance: 13,160

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