The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $16,870, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,800, and Income Tax Expense $1,210. The statement of retained earnings shows an opening balance for Retained Earnings of $22,600 and Dividends $1,700.
Date Account Titles and Explanation Debit Credit
July 31 Service Revenue 16,870
Income Summary 16,870
(To close revenue account)
July 31 Income Summary 12,780
Maintenance and Repairs
Expense 12920
Income Tax Expense 1240
Salaries and Wages Expense 8620
(To close expense accounts)
July 31 Income Summary 6740
Retained Earnings 6740
(To close net income/
(loss) to retained earnings)
July 31 Retained Earnings 1600
Dividends 1600
(To close dividends to retained earnings)
What is the ending balance in Retained Earnings?
Answers: 3
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The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $16,870...
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