Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31.

Debit Credit
Cash 1,500
Accounts Receivable 2,000
Interest Receivable 100
Prepaid Insurance 1,600
Notes Receivable (Long-Term) 2,800
Equipment 15,000
Accumulated Depreciation 3,000
Accounts Payable 2,400
Accrued Expenses Payable 3,920
Income Taxes Payable 2,700
Unearned Rent Fees 500
Common Stock 7,700
Dividends 2,000
Rental Revenue 37,000
Service Revenue 1,300
Wages Expense 19,000
Depreciation Expense 1,800
Utilities Expense 320
Insurance Expense 700
Maintenance Expense 9,000
Income Tax Expense 2,700
58,520 58,520

The entry required to close the revenue and expense accounts at the end of the period includes a:

a) credit to Retained Earnings for $4,780.
b) credit to Retained Earnings for $38,300.
c) debit to Retained Earnings for $4,780.
d) debit to Retained Earnings for $38,300.

A) credit to Retained Earnings for $4,780.

Explanation:

Temporary accounts (includes all revenues and expenses) must be closed against the income summary account. Then the income summary account is closed against retained earnings, and depending on whether the company made a profit or not, the retained earnings account will be debited or credited.

In this case, the net income after taxes is $4,780, so that means that retained earnings will increase (should be credited), so the closing journal entry should be:

Dr Income summary 4,780

    Cr Retained earnings 4,780

Rental Revenue 37,000

Service Revenue 1,300

Wages Expense (19,000 )

Depreciation Expense (1,800 )

Utilities Expense (320 )

Insurance Expense (700 )

Maintenance Expense (9,000 )

Income Tax Expense (2,700)    

net income after taxes $4,780

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