The income statement for the Martinez Golf Club Inc. for the month ended July 31 shows Service Revenue $19,010, Salaries and Wages Expense $8,430, Maintenance and Repairs Expense $4,120, and Income Tax Expense $1,230. The statement of retained earnings shows an opening balance for Retained Earnings of $24,880 and Dividends $1,770.
Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanatio
The income statement for the Martinez Golf Club Inc. for the month ended July 31 shows Service Revenue $19,010, Salaries and Wages Expense $8,430, Maintenance and Repairs Expense $4,120, and Income Tax Expense $1,230. The statement of retained earnings shows an opening balance for Retained Earnings of $24,880 and Dividends $1,770.
Prepare closing journal entries. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
July 31
(To close revenue account)
July 31
(To close expense accounts)
July 31
(To close net income to retained earnings)
July 31n
Debit
Credit
July 31
(To close revenue account)
July 31
(To close expense accounts)
July 31
(To close net income to retained earnings)
July 31