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Question 2 | | Correct. |
Emil Skoda Company had the following adjusted trial balance. EMIL SKODA COMPANY | Adjusted Trial Balance | June 30, 2008 | | -------------------------------------------------
Adjusted Trial Balance | Account Titles | Debits | | Credits | Cash | $3,712 | | | Accounts Receivable | 3,904 | | | Supplies | 480 | | | Accounts Payable | | | $1,792 | Unearned Revenue | | | 160 | Common Stock | | | 5,000 | Retained Earnings | | | 760 | Dividends | 300 | | | Service Revenue | | | 4,064 | Salaries Expense | 1,344 | | | Miscellaneous Expense | 256 | | | Supplies Expense | 2,228 | | | Salaries Payable | ------------------------------------------------- | | -------------------------------------------------
448 | | -------------------------------------------------
$12,224 | | -------------------------------------------------
$12,224 |
Instructions(a) Prepare closing entries at June 30, 2008. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account | Debit | Credit | Service Revenue | 4064 | | Income Summary | | 4064 | (To close revenue.) | | | Income Summary | 3828 | | Supplies Expense | | 2228 | Salaries Expense | | 1344 | Miscellaneous Expense | | 256 | (To close expenses.) | | | Income Summary | 236 | | Retained Earnings | | 236 | (To close net income to retained earnings.) | | | Retained Earnings | 300 | | Dividends | | 300 | (To close dividends to capital.) | | |
(b) Prepare a post-closing trial balance. (If answer is zero, please enter 0. Do not leave any fields blank.) EMIL SKODA COMPANY | Post-Closing Trial Balance | June 30, 2008 | |

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