Prepare the necessary closing entries as of January 31, 2015 based on the follow
ID: 2420769 • Letter: P
Question
Prepare the necessary closing entries as of January 31, 2015 based on the following selected account balances taken from an adjusted trial balance prepared as of that date.
Retained Earnings 23,000
Dividends 2,000
Salaries Expense 15,000
Service Revenue 30,000
Depreciation Expense 5,000
Accounts Receivable 3,000
Income Summary 0
Date
Account Titles
Debit
Credit
Date
Account Titles
Debit
Credit
Explanation / Answer
Journal Entries Particulars Dr Amt Cr Amt Service Revenues Dr 30,000.00 To Income Summary 30,000.00 Income Summary Dr 20,000.00 To Salaries Expense 15,000.00 To Depreciation Expense 5,000.00 Retained Earnings Dr 2,000.00 To Dividends 2,000.00