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viktelen [127]
2 years ago
6

The ledger of Mai Company includes the following accounts with normal balances: Common Stock $9,000;

Business
1 answer:
Amiraneli [1.4K]2 years ago
7 0

  Answer: Please see explanation for answer

Explanation:

Journal to close Revenue  account

Date               Accounts and explanation         Debit               Credit

31 December     Service Revenue                     $13,000

                  Income Summary                                                     $13,000

Journal to close expense account

Date               Accounts and explanation          Debit               Credit

31 December        Income Summary                $10,000

                 Wages Expenses                                                       $8,400

                   Rent expenses                                                         $1,600

 Journal to close Income Summary account

Date               Accounts and explanation          Debit               Credit

31 December        Income Summary                $3,000

                          Retained earnings                                         $3,000

Calculation

Retained Earnings =Services Revenue- (wages expense + rent expense)

$13,000 -$10,000-= $3,000

Journal to close Dividend  account

Date               Accounts and explanation          Debit               Credit

31 December        Retained earnings              $800

                                    Dividends                                                $800

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