The ledger of Grouper Company contains the following balances: Retained Earnings $29,400; Dividends $2,100; Service Revenue...
The ledger of Grouper Company contains the following balances:
Retained Earnings $29,400; Dividends $2,100; Service Revenue
$50,000; Salaries and Wages Expense $27,500; and Supplies Expense
$6,300.
Prepare the closing entries at December 31.
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Dec. 31 |
|||
|
(To close revenue account) |
|||
|
Dec. 31 |
|||
|
(To close expense accounts) |
|||
|
Dec. 31 |
|||
|
(To close net income/ (loss)) |
|||
|
Dec. 31 |
|||
|
(To close dividends) |
Homework Answers
Calculation Of Profit:
Profit = Revenue - Salaries and wages Expenses - Supplies Expenses
= $50000-$27500-$6300
= $16200
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