Answer:
Sky Blue Corporation Closing Entries
ACCOUNTS & EXPLANATION DEBIT CREDIT
$ $
Sales revenue 47,330
Rent revenue 400
Income summary a/c 47,730
(To record close of revenue account)
Income summary account 42,420
Salaries and wages expenses 22,600
Depreciation expenses 1,800
Utilities expenses 5,220
Insurance expenses 1,900
Rent expenses 7,000
Income tax expenses 3,900
(To record close of expenses account)
Income summary account 5310
Retained earnings account 5310
(To record close of income summary account)
Retained earnings account 400
Income summary account 400
(To record close of dividend a/c)
