

EXPERT ANSWER
Date | Account Titles and Explanations | Debit | Credit |
July 31 | Service Revenue | $ 17,800 | |
Income Summary | $ 17,800 | ||
(To close Revenue account) | |||
July 31 | Income Summary | $ 12,100 | |
Salaries and Wages expense | $ 9,600 | ||
Maintenance and Repairs expense | $ 2,500 | ||
(To close expense accounts) |
Service Revenue | ||||
Date | Explanaation Ref. | Debit | Credit | Balance |
7/31 | Balance | $ 17,800 | ||
7/31 | Closing Entry | $ 17,800 | $ 0 | |
S | Salaries and wages Expense | |||
Date | Explanaation Ref. | Debit | Credit | Balance |
7/31 | Balance | $ 9,600 | ||
7/31 | Closing Entry | $ 9,600 | $ 0 | |
Maintenance and Repairs expense | ||||
Date | Explanaation Ref. | Debit | Credit | Balance |
7/31 | Balance | $ 2,500 | ||
7/31 | Closing Entry | $ 2,500 | $ 0 |