The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,000; Interest Expense, $74,000; and Dividends, $49,000.
Record the necessary closing entries.

Journal Entry and their narrations is shown below:-

Explanation:

The Journal entry is shown below:-

1. Service Revenue Dr,            $845,000  

    Retained Earnings                         $845,000

(Being close the revenue accounts is recorded)

2. Retained Earnings Dr,         $592,000

($139,000 + $379,000 + 74,000 )

       To Rent Expense                          $139,000  

        To  Salaries Expense                   $379,000  

         To Interest Expense                    $74,000  

(Being close the expense accounts is recorded)

3. Retained Earnings Dr,             $49,000  

         To Dividends                                      $49,000

(Being dividends is recorded)

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

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