This is a partial adjusted trial balance of Sunland Company. SUNLAND COMPANY Adjusted Trial Balance January...

This is a partial adjusted trial balance of Sunland Company.

SUNLAND COMPANY Adjusted Trial Balance January 31, 2017
	Debit	Credit
Supplies	$770
Prepaid Insurance	1,470
Salaries and Wages Payable		$1,040
Unearned Service Revenue		720
Supplies Expense	800
Insurance Expense	490
Salaries and Wages Expense	1,890
Service Revenue		4,330

Prepare the closing entries at January 31, 2017.

Expert Solution

Answer :- Journal entries

Date	General journal	Debit ($)	Credit ($)
Jan. 31, 2017	Income Summary A/c Dr. (800 + 490 + 1890) To Supplies expense A/c To Insurance expense A/c To Salaries and wages expense A/c	3180	800 490 1890
Jan. 31, 2017	Service revenue A/c Dr. To Income summary A/c	4330	4330
Jan. 31, 2017	Income summary A/c Dr. (4330 - 3180) To Retained earnings A/c	1150	1150

Note :- First journal entry is for closing of expense accounts. Second journal entry is for closing of revenue account and Third journal entry is for closing of net income / (loss) account.

ekkarill92 answered 2 years ago

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