Entries on my Adusted trial balance

Debit Credit
Cash 10678
Repair supplies 194
Repair equipment 4400
Prepaid insurance 100
Account payable 4100
Common stock 12000
Dividends 800
Bicycle repair revenue 2672
Insurance expense 1100
Store rent expense 1040
Utility expense 154
Income tax expense 40
Depreciation expense 70
Repair supplies expense 196
Total 18,772 18772

Prepar closing entries on Oct 31

Oct 31 Service Revenue 2672
Retained Earning 2672

Retained Earning 272
Insurance Expense 1100
Store Rent Expense 1040
Utility Tax Expense 154
Income Tax Expense 40
Depreciation Expense 70
Repair supplies Expense 196

Retaining Earning 800
Dividends 800

Can you please let me what I am doing wrong.

Thanks,
Nikita

Your first closing entry should have a Credit to the Income Summary account, not Retained Earnings.

Your second closing entry where you close out expenses to Retained Earnings you should not have a Debit to Retained Earnings and your amount does not equal your credits. Your Debit should be to the Income Summary Account.

Now you close your Income Summary to Retained Earnings by debiting Income Summary for the diffence between your credits and Debits, and crediting Retained Earnings.

Finally you close out your dividends to Retained Earnings.

THIS IS WHAT I HAVE. CAN YOU PLEASE CONFIRM
Debit credit
Oct 31 Service Revenue 2672
Income Summary 2672

Income Summary 2672
Insurance Expense 1100
Store Rent Expense 1040
Utility Expense 154
Income Tax Expense 40
Depreciation Expense 70
Repair Supplies Expense 196

Retained Earning 800
Dividend 800

Thanks for all your help.
Nikita

Your Debit amount for Retained Earnings is incorrect for your second closing entry. Your amount is 2672, but it should be 2600 as your Credits to your Expense accounts equal 2600.

The net effect of your closing entries will be that you have a Debit amount of $728 in Retained Earnings and this amount will flow through to your post-closing balance sheet. The result is that your ending Retained Earnings account will be reduced by $728