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Salsk061 [2.6K]
3 years ago
6

The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $17,510, Salaries and Wages Expens

e $9,760, Maintenance and Repairs Expense $3,070, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $24,760 and Dividends $1,660. Prepare closing journal entries.
Business
1 answer:
Greeley [361]3 years ago
5 0

Answer:

July 31

Dr Service revenue $17,510

Cr Income summary $17,510

July 31

Dr Income summary $14,230

Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,070 Income Tax Expense $1,400

July 31

Dr Income summary 3,280

Cr retained earnings 3,280

July 31

Dr Retained earnings 1,660

Cr Dividends 1,660

Explanation:

Preparation of the closing journal entries

July 31

Dr Service revenue $17,510

Cr Income summary $17,510

(To close revenue account)

July 31

Dr Income summary $14,230

(9,760+3,070+1,400)

Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,070 Income Tax Expense $1,400

(To close expense accounts)

July 31

Dr Income summary 3,280

(17,510-14,230)

Cr retained earnings 3,280

(To close net income/loss to retainedearnings)

July 31

Dr Retained earnings 1,660

Cr Dividends 1,660

(To close dividends to retained earnings)

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Answer:

the $400 you would have earned if you sold the toy

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives.

If you didn't give the toy to the child, you could have sold it for $400. Selling the toy is the next option and thus, it is the opportunity cost

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What is the problem with creating a promotional message to use for all countries?
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Answer:

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3 years ago
Bobby decides to sell lemonade on a hot summer day. If Bobby sells 25 glasses of lemonade for $5.00 per cup, and his average tot
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Answer:

$ 120.60

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2 years ago
Coronado Company received proceeds of $209000 on 10-year, 5% bonds issued on January 1, 2016. The bonds had a face value of $220
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Answer:

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Explanation:

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Bonds Discounts = $11,000

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