Answer:
Explanation:
The closing entry for the following accounts are shown below:
1. Service Revenue A/c Dr $101,520
To Income Summary $101,520
(Being revenue account closed)
2. Income summary A/c Dr $67,680
To Supplies Expense $5,640
To Salaries and Wages Expense $37,600
To Utility Expense $7,520
To Rent Expense $16,920
(Being expenses accounts are closed)
3. Income summary A/c Dr $33,840
To Retained earning $33,840
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $20,680
To Dividend A/c $20,680
(Being dividend account is closed)
