Question

This is a partial adjusted trial balance of Wildhorse Co..

WILDHORSE CO. Adjusted Trial Balance January 31, 2017
		Debit		Credit
Supplies		$780
Prepaid Insurance		1,620
Salaries and Wages Payable				$1,040
Unearned Service Revenue				710
Supplies Expense		910
Insurance Expense		540
Salaries and Wages Expense		1,770
Service Revenue				4,350

Prepare the closing entries at January 31, 2017. (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
Jan. 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)
Jan. 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)
Jan. 31	enter an account title to close net income / (loss)	enter a debit amount	enter a credit amount
	enter an account title to close net income / (loss)	enter a debit amount	enter a credit amount
	(To close net income / (loss))

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Jan. 31	Service revenue	$          4,350
	Income Summary		$          4,350
	(To close Income account )
Jan. 31	Income Summary	$          3,220
	Supplies Expense		$              910
	Insurance Expense		$              540
	Salaries and Wages Expense		$          1,770
	(To close Expense account )
Jan. 31	Income Summary [4350-3220]	$          1,130
	Retained Earnings		$          1,130
	(To close income summary )