Answer and Explanation:
The closing entries for the following accounts are presented below
1. Service Revenue A/c Dr $16,010
To Income Summary $16,010
(Being revenue account closed)
2. Income summary A/c Dr $11,930
To Maintenance and Repairs Expense $2,510
To Salaries and Wages Expense $8,410
To Income Tax Expense $1,010
(Being expenses accounts are closed)
3. Income summary A/c Dr $4,080 ($16,010 - $11,930)
To Retained earning $4,080
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $1,350
To Dividend A/c $1,350
(Being dividend account is closed)
