Answer:
The closing entries are shown below:
Explanation:
The closing entry for the following accounts are given below:
1. Service Revenue A/c Dr $18,000
To Income Summary $18,000
(Being revenue account closed)
2. Income summary A/c Dr $13,500
To Wages Expense $10,900
To Rent Expense $2,600
(Being expenses accounts are closed)
3. Income summary A/c Dr $4,500 ($18,000 - $13,500)
To Retained earning $4,500
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $1,050
To D. Mai, Withdrawals $1,050
(Being withdrawal account is closed)
