Problem A – IV — Closing Entries The end of the period account balances after adjustments

Problem A – IV — Closing EntriesThe end of the period account balances after adjustments of Dixon Cleaners and Laundry are as follows:

Account Balances

(After Adjustments)

Cash $ 9,000

Supplies 3,500

Prepaid Rent 3,600

Equipment 128,000

Accumulated Depreciation—Equipment 20,000

Accounts Payable 8,500

Common Stock 60,000

Retained Earnings 46,400

Dividends 7,000

Service Revenue 26,000

Supplies Expense 5,000

Depreciation Expense 3,000

Rent Expense 900

Salaries and Wages Expense 3,400

Utilities Expense 500

Instructions

Prepare the end of the period closing entries for Dixon Cleaners and Laundry. You may omit journal entry explanations.