Preparation of Closing Entries and an Income Statement
Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2011. The following are selected account balances after adjustment:
|
Sales Revenue
|
$ 691,900
|
|
Interest Revenue
|
8,500
|
|
Accounts Payable
|
8,330
|
|
Wages Expense
|
404,900
|
|
Accounts Receivable, 12/31/2011
|
65,000
|
|
Supplies Expense
|
68,350
|
|
Supplies, 12/31/2011
|
179,000
|
|
Prepaid Rent
|
7,200
|
|
Rent Expense
|
28,600
|
|
Unearned Sales Revenue
|
12,200
|
|
Insurance Expense
|
94,300
|
|
Wages Payable
|
11,700
|
|
Utilities Expense
|
12,300
|
|
Interest Expense
|
9,500
|
|
Depreciation Expense, Equipment
|
20,000
|
|
Accumulated Depreciation, Equipment
|
75,000
|
|
Income Tax Expense
|
12,300
|
|
Income Tax Payable
|
8,300
|
|
Dividends
|
7,800
|
1. Using the accounts and balances above, prepare the closing entries for 2011. If an amount box does not require an entry, leave it blank.