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Question & Answer: Close accounts at the end of an accounting period using journal entries, like we did on the board in class. Journal entries:…..

4. Close accounts at the end of an accounting period using journal entries, like we did orn the board in class. Services Revenue Rent Expenses 25,000 6,000 Income Summary .7 28 30 31 32 133 134 135 136 137 Journal entries: 138 Retained Earnings Dividends 2,000 10,000 139 140 141

Close accounts at the end of an accounting period using journal entries, like we did on the board in class. Journal entries:

Expert Answer

 

JOURNAL
Date Account Head & Description Debit Amount Credit Amount
Service revenue debit 25000
Income Summary credit 25000
(to record the transfer of revenues)
Income Summary debit 6000
Rent expenses credit 6000
(to record the transfer of expenses)
Retained earnings debit 2000
Dividends credit 2000
(to record the transfer of dividends)
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