Answers
Journal
Date | Account Title and Explanation | Debit | Credit |
Nov 30 | Fee earned | 502,350 | |
Wages expense | 342,000 | ||
Rent expense | 82,100 | ||
Supplies expense | 30,780 | ||
Miscellaneous expense | 10,260 | ||
Retained earnings | 37,210 | ||
(To close revenue and expenditure) | |||
Nov 30 | Retained earnings | 30,000 | |
Dividends | 30,000 | ||
(To close dividends) |
Income statement
Revenues: | ||
Fee earned | 502,350 | |
Expenses: | ||
Wages expense | 342,000 | |
Rent expense | 82,100 | |
Supplies expense | 30,780 | |
Miscellaneous expense | 10,260 | |
Total expenses | -465,000 | |
Net income | $37,210 |
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