The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770.(a)  Prepare closing journal 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.)DateAccount Titles and ExplanationDebitCreditJuly 31enter an account title to close revenue accountenter a debit amountenter a credit amount enter an account title to close revenue accountenter a debit amountenter a credit amount (To close revenue account)  July 31enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount enter an account title to close expense accountsenter a debit amountenter a credit amount (To close expense accounts)  July 31enter an account title to close net income/(loss) to retained earningsenter a debit amountenter a credit amount enter an account title to close net income/(loss) to retained earningsenter a debit amountenter a credit amount (To close net income/(loss) to retained earnings)  July 31enter an account title to close dividends to retained earningsenter a debit amountenter a credit amount enter an account title to close dividends to retained earningsenter a debit amountenter a credit amount (To close dividends to retained earnings)

Question
Asked Sep 17, 2019
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The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770.

(a)

 
 
Prepare closing journal 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
Account Titles and Explanation
Debit
Credit
July 31
enter an account title to close revenue account
enter a debit amount
enter a credit amount
 
enter an account title to close revenue account
enter a debit amount
enter a credit amount
 
(To close revenue account)
   
July 31
enter an account title to close expense accounts
enter a debit amount
enter a credit amount
 
enter an account title to close expense accounts
enter a debit amount
enter a credit amount
 
enter an account title to close expense accounts
enter a debit amount
enter a credit amount
 
enter an account title to close expense accounts
enter a debit amount
enter a credit amount
 
(To close expense accounts)
   
July 31
enter an account title to close net income/(loss) to retained earnings
enter a debit amount
enter a credit amount
 
enter an account title to close net income/(loss) to retained earnings
enter a debit amount
enter a credit amount
 
(To close net income/(loss) to retained earnings)
   
July 31
enter an account title to close dividends to retained earnings
enter a debit amount
enter a credit amount
 
enter an account title to close dividends to retained earnings
enter a debit amount
enter a credit amount
 
(To close dividends to retained earnings)
 
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