The company's adjusted trial balance as follows includes the following accounts balances: cash, $15,000; equipment, $85,000; accumulated depreciation, $25,000; accounts payable, $10,000; retained earnings, $59,000; dividends, $2,000; fees earned, $56,000; depreciation expense, $25,000; and salaries expense, $23,000. all accounts have normal balances. prepare closing entry #1 by selecting the account names and dollar amounts from the drop-down menus

If the company's adjusted trial balance that includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000;. The appropriate closing entry will be:

Preparation of the closing entries

1. Debit  Fees earned  $56,000

Credit Income Summary $56,000

2. Debit Income summary $48,000

($25,000+$23,000)

Credit Depreciation Expense $25,000

Credit Salaries Expense $23,000

3. Debit  Income summary$8,000

($56,000 - $48,000)

Credit Owner's Capital       $8,000

4. Debit Owner's Capital $2,000

Credit Withdrawal $2,000  

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Explanation:

The closing entries for the following accounts are shown below:

1. Fees earned A/c Dr $56,000

                To Income Summary $56,000

(Being revenue account closed)

2. Income summary A/c Dr $48,000

         To Depreciation Expense $25,000

            To Salaries Expense $23,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $8,000 ($56,000 - $48,000)

           To Retained earning $8,000

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $2,000

                 To Dividend A/c $2,000

(Being dividend account is closed)

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