Question & Answer: Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of…..

Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty Services Co.: Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $491,040 28,000 528,640 341,000 81,800 30,690 10,230 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. uly 31 Close revenues July 31 Close expenses

Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty Services Co.: Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $491,040 28,000 528,640 341,000 81,800 30,690 10,230 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. uly 31 Close revenues July 31 Close expenses

Expert Answer

 

Jul-31 Fees earned 528640
        Income Summary 528640
Jul-31 Income Summary 463720
       Wages expense 341000
        Rent expense 81800
        Supplies expense 30690
         Miscellaneous expense 10230
Jul-31 Income Summary 64920
        Retained earnings 64920
Jul-31 Retained earnings 28000
        Dividends 28000
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