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Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Bollinger Services Co.: Retained Earnings $414,750 Dividends 44,000 Fees Eamed 504,970 Wages Expense 395,000 Rent Expense 94,800 Supplies Expense 35,550 Miscellaneous Expense 11,850 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave It blank. Fees Earned July 31 Close revenues Income Summary 504,970 504,970 July 31 Close expenses Income Summary 0 Wages Expense 395,000 > Rent Expense 94,800 Supplies Expense vil 35,550 Miscellaneous Expense 11,850 July 31 Close income/loss Retained Earnings Income Summary July 31 Closevividends Retained Earnings Dividends, 14.000 Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; End-of-Perlod Spreadsheet. The unadjusted trial balance of Recessive Interprs at January 31, 2018, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2018 Debit Balances Credit Balances 11 Cash 13,100 8,000 7,500 113,000 12,000 90,000 27,100 13 Supplies 14 Prepaid Insurance 16 Equipment 17 Accumulated Depreciation--Equipment 18 Trucks 19 Accumulated Depreciation-Trucks 21 Accounts Payable 31 Common Stock 32 Retained Earnings 33 Dividends 41 Service Revenue 51 Wages Expense 4,500 30,000 96,400 3,000 155,000 72,000 52 Rent Expense 7,600 53 Truck Expense 5,350 CO Miera VARA EAE 52 Rent Expense 7,600 53 Truck Expense 5.350 59 Miscellaneous Expense 5,450 325,000 325,000 The following naditional accounts from Recessive Interiors chart of accounts should be used wages Povabi, 22 Income Summary : Depreciation Expense-louipment, 5; Supplies Expanse,55 Depreciation Expense Trudes, 56, Insurance Expense, 57. The data needed to determine year end justents are as follows - Supplies on hand at January 31 are $2.50 B. Insurance premiums expired during the year we $3,150 Depreciation of equipment during the year is $5,250 Depreciation of trucks during the year is $4,000 Wages accrued but not paid at January 31 are $900. Use the attached praet to complete parts2, 3, and 6. Click on the Spreadsheet con above to open and save the fact file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNow on this problem Required: 1. For each account listed in the unadjusted trial balance, notice that the balance has been entered in the appecorate general ledger account tratance coturin in the spreadsheet. Posting to the general Sedger will take place in steps and step 2. (Optional in the attached spreadsheet, enter the adjusted trial balance and adjusting entries and complete the worksheet 3. Journalize the adjusting entries on page 26 of the journal Then post to the appropriate accounts in the general ledger in the attached Spreadsheet, inserting balances in the accounts afected Journal PAGE 26 Date Account Past RATA Dabit Credit 2018 a. Jan. Supplies Expense 31 Supplies b. Jan. 31 Insurance Expense v Prepaid Insurance v II II II c. Jan. 31 Depreciation Expense-Equipment Accumulated Depreciation-Equipment d. Jan. Depreciation Expenses Trucks 31 Accumulated Depreciation Trucks e. Jan. 31 Wag Expense 1 Was Payable cive Interiors Adjustad Total Balance January 31, 2018 Debit Balances Credit Balances Cash Supplies Prepald Insurance v Equipment Accumulated Depreciation Equipment Trucks Accumulated Depreciation-Trucis Accounts Payable Wages Payable Common Stock Retained Earnings Dividende Service Reven Wages Expo Rent Expo v True xenev supplies Expense recupe 5. Prepare an Income statement. Servien revenue Expenses: Wages expense Rent expense Truck expense Depreciation expense-equipment Supplies expense Depreciation expense-trucks Insurance expense Miscellaneous expense Total expenses Net Income Prepare a retained earnings statement Recessive Interiors Retained Earnings Statement For the Year Ended January 31, 2018 Retained earnings. February 1, 2017 Net income Dividends Change in retined earnings Natated ang 31, 2011 Prepare balance sheet Recessive Int Balance Sh January 31 Change in retained earnings arnings Prepare a balance sheet. Assets Current us Cash alance Sheet 1. 2018 Liabilities Current Matties! Accountable Wage payable Total abilities Supplies E Preda Total current as Property, plant and equipment: Lourent A deprecatequiment book walutement Stockholders' Equity Combo ok Total property, plant and equipment Total stockholders' equity Total abilities and stockholders' equity & bumalize the closing orties en papie 27 of the journal. The post to the peneral ledger in the attached spracheet. Fer a compound transaction, an amount badoo require an entry, ant. Owl tel. O Services a Cose SE | | T. a close itetained Earnings deres Dividende 7. Prepare a post-closing trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and expenses. If an amount box does not requirementry, leave it blank Recessive Interiors Post-Closing Trial Balance January 31, 2018 Debit Balances Credit Balances Supplies Prepaid Insurance Equipment Accumulated Deedator Trucks Accounts Payable Connen och