Answer:
Explanation:
The closing entry for the following accounts are shown below:
1. Service Revenue A/c Dr $18,470
To Income Summary $18,470
(Being revenue account closed)
2. Income summary A/c Dr $14,810
To Maintenance and Repairs Expense $4,220
To Salaries and Wages Expense $9,380
To Income Tax Expense $1,210
(Being expenses accounts are closed)
3. Income summary A/c Dr $3,660
To Retained earning $3,660
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $1,980
To Dividend A/c $1,980
(Being dividend account is closed)
