Question

Sunland Company shows the following balances in selected accounts of its adjusted trial balance:____

Supplies $30,100
Service Revenue $113,000
Supplies Expense 5,400
Salaries and Wages Expense 40,100
Accounts Receivable 11,600
Utilities Expense 8,600
Dividends 21,800
Rent Expense 18,900
Retained Earnings 78,000
Journalize the closing entries at December 31.

Answer 1

Inventory $30,100 (debit)

Supplies $30,100 (credit)

Supplies closed off to the Inventory Balance Sheet

Service Revenue $113,000 (debit)

Income Statement $113,000 (credit)

Service Revenue closed off to the Income statement

Income statement $ 5,400 (debit)

Supplies Expense $ 5,400 (credit)

Being supplies expense closed off to the income statement

Income statement $ 40,100 (debit)

Salaries and Wages Expense $ 40,100 (credit)

Being Salaries and Wages Expense closed off to the Income statement

Balance Sheet $ 11,600 (debit)

Accounts Receivable $ 11,600 (credit)

Being Accounts Receivable closed off to the debit of the balance sheet

Income statement $ 8,600 (debit)

Utilities Expense $ 8,600 (credit)

Being utilities expense closed off to the Income statement

Statement of Changes in equity $ 21,800 (debit)

Dividends $ 21,800 (credit)

Being Dividends closed off to Statement of Changes in equity

Income statement $ 18,900 (debit)

Rent Expense $ 18,900 (credit)

Being Rent Expense closed off to the Income statement

Retained Earnings $ 78,000 (debit)

Statement of Changes in equity $ 78,000 (credit)

Being Retained Earnings closed off to Statement of Changes in equity

Step-by-step explanation:

The journals and narrations have been prepared above.