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    shawlaquick's Avatar
    shawlaquick Posts: 2, Reputation: 1
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    #1

    Mar 27, 2008, 09:45 AM
    The following a correct answer?
    Need to make a closing single journal entry

    Wages: $200,000
    Service Revenue: $250,000
    Supplies Expense: $75,000
    Retained Earnings: $525,000

    Should it be:

    Retained earnings $525,000
    Wages $200,000
    Service Revenue $250,000
    Supplies Expense $75,000
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Mar 27, 2008, 11:23 AM
    Dr. Service Revenue 250,000
    Dr. Retained Earnings 25,000
    Cr. Supplies Expense 75,000
    Cr. Wages (Expense) 200,000


    Revenues and Expenses get closed to Retained Earnings. Retained Earnings NEVER gets closed.
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