Question 1 [15 points]

Following is the adjusted trial balance, with accounts listed in alphabetical order for Vision Consulting Inc. at May 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry.

Question 1 [15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Vision Consulting Inc. at May 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page GJS F Debit Credit Date + + - Cash + - Vision Consulting Inc. Adjusted Trial Balance May 31, 2014 Debit Credit Accounts payable 13,320 Accounts receivable 9,900 Accumulated depreciation, equipment 4,900 1,920 Cost of goods sold. 4,160 Delivery expense 3,670 Depreciation expense, equipment 1,250 Dividends 1,800 Equipment 38,690 Interest expense Rent earned 9,350 Retained earnings 5,100 Sales 11,000 Sales discounts 570 Sales returns and allowances 620 Share capital 13,720 Short-term notes payable, 15,840 Utilities expense. 7,560 Totals 73,230 73,230 + = 3,090