On the basis of the following information taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the month ended September 30, journalize the closing entries for Perez Roofing Company. Perez Roofing Company
Adjusted Trial Balance
September 30
Account Title Debit Credit
Cash 22,500
Accounts Receivable 3,575
Office Supplies 2,850
Repair Parts 3,785
Machinery 17,750
Accumulated Depreciation 3,250
Accounts Payable 1,150
Notes Payable 6,500
Common Stock 1,500
Retained Earnings 1,000
Dividends 1,750
Service Revenue 47,200
Wages Expense 4,840
Office Supplies Expense 1,275
Repair Parts Expense 925
Depreciation Expense 1,350
60,600 60,600

Perez Roofing Company

Closing Journal Entries:

September 30:

Debit Service Revenue $47,200

Credit Income Summary $47,200

To close service revenue to income summary.

Debit Income Summary $8,390

Credit:

Wages Expense $4,840

Office Supplies Expense $1,275

Repair Parts Expense $925

Depreciation Expense $1,350

To close expenses to income summary.

Debit Income summary $38,810

Credit Retained Earnings $38,810

To close income summary to Retained Earnings.

Debit Retained Earnings $1,750

Credit Dividends $1,750

To close dividends to Retained Earnings.

Explanation:

a) Data and Calculations:

Perez Roofing Company

Adjusted Trial Balance

September 30

Account Title                      Debit      Credit

Cash                                 22,500

Accounts Receivable         3,575

Office Supplies                  2,850

Repair Parts                       3,785

Machinery                        17,750

Accumulated Depreciation           3,250

Accounts Payable                           1,150

Notes Payable                              6,500

Common Stock                             1,500

Retained Earnings                        1,000

Dividends                         1,750

Service Revenue                        47,200

Wages Expense              4,840

Office Supplies Expense 1,275

Repair Parts Expense       925

Depreciation Expense    1,350

                                    60,600 60,600

Closing Entries:

Service Revenue $47,200

Wages Expense $4,840

Office Supplies Expense $1,275

Repair Parts Expense $925

Depreciation Expense $1,350

Dividends $1,750

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