Prepare a retainer earnings statement for the month of April ainfr.uni Assignmen
ID: 2391115 • Letter: P
Question
Prepare a retainer earnings statement for the month of April ainfr.uni Assignment nment MER Additional Exercise 200 The income statement of Fezziks Shoe Repair is as follows FEZZIK'S SHOE REPAIR Income Statement For the Month Ended April 30. 2015 Service Revenue $9,500 Salaries and Wages Expense Depreciation Expense Utilities Expense Rent Expense Supplies Expense $4.200 350 400 1,050 6,600 $2,900 Total Expenses Net Income On April 1, the Retained Earnings account had a balance of $12,900. During April, the company paid $3,000 in dividends. Prepare closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not inde Credit DebitExplanation / Answer
Closing Entries at April 30
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Service Revenue
9,500
To Income Summary
9,500
[To close Revenue Account]
Income Summary
6,600
To Salaries and Wages
4,200
To Depreciation
350
To Utilities Expenses
400
To Rent Expenses
600
To Supplies Expenses
1,050
[To Close Expense Accounts]
Income Summary
2,900
To Retained Earnings
2,900
[To Close net Income to retained earnings]
Retained Earnings
3,000
To Dividends
3,000
[To Close Dividends to retained earnings]
Retained Earnings Statement for the month of April
FEZZIK’S SHOE REPAIR
Retained Earnings Statement
Retained Earnings, April 1
12,900
Add : Net Income
2,900
15,800
Less: Dividends Paid
(3,000)
Retained Earnings, April 31
12,800
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Service Revenue
9,500
To Income Summary
9,500
[To close Revenue Account]
Income Summary
6,600
To Salaries and Wages
4,200
To Depreciation
350
To Utilities Expenses
400
To Rent Expenses
600
To Supplies Expenses
1,050
[To Close Expense Accounts]
Income Summary
2,900
To Retained Earnings
2,900
[To Close net Income to retained earnings]
Retained Earnings
3,000
To Dividends
3,000
[To Close Dividends to retained earnings]