The company's adjusted trial balance as follows includes the following accounts balances: Cash: $15,000
Equipment: $85,000
Accumulated Depreciation: $25,000
Accounts Payable: $10,000
Retained earnings: $59,000
Dividends: $2,000
Fees Earned: $56,000
Depreciation Expense: $25,000
Salaries Expense: $23,000.

All accounts have normal balances.

Required:
Prepare closing entry.

Closing Journal Entries:

1. Debit Fees Earned $56,000

Credit Income Statement $56,000

To close the account for the period.

2. Debit Income Statement $25,000

Credit Depreciation Expense $25,000

To close the account for the period.

3. Debit Income Statement $23,000

Credit Salaries Expense $23,000

To close the account for the period.

4. Debit Income Statement (Retained Earnings) $2,000

Credit Dividends $2,000

To close the account for the period.

Explanation:

Closing entries are journal entries that are made to close temporary (periodic) accounts, revenue and expenses to the Income Statement.  This paves the way for only permanent accounts to remain for the Balance Sheet.  Temporary accounts are not carried forward to the next period unlike permanent accounts.

Closing entries transfer all revenue and expense accounts at the end of an accounting period to an income summary account, for the purpose of calculating the financial performance results (called gross profit and net income or loss) for the period.

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