Question

The following is the adjusted trial balance of Inland Home Health, Inc., for December 31, 2018. E (Click the icon to view the trial balance.) Requirement 1. Journalize the closing entries at December 31, 2018. Test Begin by closing out the revenue accounts. (Record debits first, then credits. Excludo explanations from any journal entries.) Journal Entry Accounts Debit Credit Date Dec Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts remaining Check Answer Clear All

Answer 1

Closing Journal entries :- Accounts Title & Explanation Debit $ Credit $ Date 31-Dec-18 Sales Revenue 71,400 To Income Summary 71,400 (Entry for closure of Revenue accounts to Income Summary) 31-Dec-18 Income Summary 43,350 To Salaries expense 27,000 To Rent expense 12,500 To Depreciation expense -equipment 2,700 To Depreciation expense -furniture 800 To Supplies expense 350 (Entry for closure of Expense accounts to Income Summary) 31-Dec-18 Income Summary (71400-43350) 28,050 To Retained earnings 28,050 (Entry for transfer of Net Income to Retained earnings) 31-Dec-18 Retained earnings 13,000 To Dividends 13,000 (Entry for transfer of Dividends to Retained earnings)