Answer:
Explanation:
The closing entries for the following accounts are shown below:
1. Service Revenue A/c Dr $30,00
Interest Revenue A/c Dr $4,000
To Income Summary $34,000
(Being revenue account closed)
2. Income summary A/c Dr $30,000
To Advertising Expense $1,000
To Salaries Expense $13,000
To Depreciation Expense $9,000
To Rent Expense $4,000
To Interest Expense $3,000
(Being expenses accounts are closed)
3. Retained earnings A/c Dr $1,000
To Dividend A/c $1,000
(Being dividend account is closed)
Since there is no loss or profit as both debit side and the credit side is equal so no entry is passed
