1. Record the entry to close revenue earned to income summary.
2. Record the entry to close all expense accounts to income summary.
3. Record the entry to transfer net income earned in 2015 to the retained earnings account.
4. Record the entry to transfer dividends declared in 2015 to the retained earnings account.
Date General Journal Debit Credit
Dec.1 Cash 250,000
Capital stock 250,000
Dec.1 Rental equipment 220,800
Cash 132,000
Notes payable 88,800
Dec.1 Prepaid rent 11,400
Cash 11,400
Dec.4 Office supplies 1,800
Accounts payable 1,800
Dec.8 Cash 8,400
Unearned rental fees 8,400
Dec.12 Salaries expense 4,600
Cash 4,600
Dec.15 Cash 12,500
Accounts receivable 5,700
Rental fees earned 18,200
Dec.17 Maintenance expense 600
Accounts payable 600
Dec.23 Cash 2,700
Accounts receivable 2,700
Dec.26 No journal entry required
Dec.26 Salaries expense 4,600
Cash 4,600
Dec.27 Accounts payable 600
Cash 600
Dec.28 Dividends 2,500
Dividends payable 2,500
Dec.29 No journal entry required
Dec.29 Unexpired insurance 8,520
Cash 8,520
Dec.31 Utilities expense 600
Accounts payable 600
Dec.31 Cash 16,300
Accounts receivable 4,300
Rental fees earned 20,600
Dec.31Rent expense 3,800 Prepaid rent 3,800
Dec.31Interest expense 444 Interest payable 444
Dec.31Depreciation expense 2,300 Accumulated depreciation: rental equipment 2,300
Dec.31Office supplies expense 1,200 Office supplies1,200
Dec.31Unearned rental fees 3,700 Rental fees earned3,700
Dec.31Accounts receivable 1,740 Rental fees earned1,740
Dec.31Salaries expense 1,300 Salaries payable1,300
Dec.31Income taxes expense Income taxes payable