Bb.14. Current Attempt in ProgressDateJuly 31July 31uly 31The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17,470, Salaries andWages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retainedearnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760.uly 31(a)Your answer is partially correct.Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered.Do not indent manually.)DateJuly 31July 31Account Titles and ExplanationService Revenue"repare closing journal entries. (List all debitoccount titles and enter 0 for the amounts.Do not indent manually.)Income Summary(To close revenue account)Income SummarySalaries and Wages ExpenseMaintenance and Repairs ExpenseAccount Titles and ExplanationService RevenueIncome Summary(To close revenue account)Income SummarySalaries and Wages ExpenseMaintenance and Repairs ExpenseIncome Tax Expense(To close expense accounts)Income SummaryRetained EarningsDividends(To close net income to retained earnings)Retained Earnings(To close dividends to retained earnings)Debit17470Debit1371017470Creditore credit entries. If no entry is required, select "No Entry" for theunt titles are automatically indented when the amount is entered.1371017470176088703370Credit[III[]174708870337014701760

The following entry occur during the closing process: 1. Journal entries are made to return the…

The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17.470, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760. (a) Your answer is partially correct. Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Maintenance and Repairs Expense Debit 17470 13710 Credit 17470

The income statement for the Cheyenne Golf Club Inc. for the month ended July 31 shows Service Revenue $17.470, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,370, and Income Tax Expense $1,470. The statement of retained earnings shows an opening balance for Retained Earnings of $20,520 and Dividends $1,760. (a) Your answer is partially correct. Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles and Explanation Service Revenue Income Summary (To close revenue account) Income Summary Salaries and Wages Expense Maintenance and Repairs Expense Debit 17470 13710 Credit 17470

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

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