Home / Questions / I need help with the income summary and retained earnings. Thank you for your help. Exercise 4-4 (Pa

I need help with the income summary and retained earnings. Thank you for your help. Exercise 4-4 (Pa

I need help with the income summary and retained earnings. Thank you for your help.

Exercise 4-4 (Part Level Submission) The adjusted trial balance columns of the worksheet for DeSousa Company are as follows.Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not(b) Post the closing entries to Income Summary and Retained Earnings. (Post entries in the order of journal entries posted in

Exercise 4-4 (Part Level Submission) The adjusted trial balance columns of the worksheet for DeSousa Company are as follows. DESOUSA COMPANY Worksheet (partial) For the Month Ended April 30, 2017 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 23,050 Equipment Accumulated Depreciation-Equip Notes Payable 4,921 5,700 Accounts Payable 4,920 20,000 Common Stock Retained Earnings 7,960 Dividends 3,650 15,590 Service Revenue Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 59,148 Totals 59,148 Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Apr. 30 Service Revenue 15,590 Income Summary 15,590 (To close revenue account) (2) Apr. 30TIncome Summary 12,328 Salaries and Wages Exp 10,840 Rent Expense 760 Depreciation Expense 671 57 Interest Expense (To close expense accounts) (3) Apr. 30TIncome Summary 3,262 Retained Earnings 3,262 (To close net income/ (loss)) 30TRetained Earnings (4) 3,650 Dividends 3,650 (To close dividends) PPPPP PE (b) Post the closing entries to Income Summary and Retained Earnings. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary Retained Earnings

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