Question

The income statement for the Kingbird, Inc. for the month ended July 31 shows Service Revenue $19,520, Salaries and Wages Expense $8,620, Maintenance and Repairs Expense $2,920, and Income Tax Expense $1,240. The statement of retained earnings shows an opening balance for Retained Earnings of $24,290 and Dividends $1,600.

(a)

Date

Account Titles and Explanation

Debit

Credit

(To close revenue account)

(To close expense accounts)

(To close net income/(loss) to retained earnings)

(To close dividends to retained earnings)

List Of Accounts

CLOSE

Brief Exercise 4-14 (Part Level Submission)

The income statement for the Kingbird, Inc. for the month ended July 31 shows Service Revenue $19,520, Salaries and Wages Expense $8,620, Maintenance and Repairs Expense $2,920, and Income Tax Expense $1,240. The statement of retained earnings shows an opening balance for Retained Earnings of $24,290 and Dividends $1,600.