162. List/describe the four closing entries in the order that they should occur.
1. Close revenues to Income Summary.
2. Close expenses to Income Summary.
3. Close Income Summary to Retained Earnings.
4. Close Dividends to Retained Earnings.
163. After the accounts were adjusted at January 31, 2010, the end of the fiscal year, the following balances were taken from the ledger of Taylor Pool Service Company:
Capital Stock$ 20,000
Retained Earnings115,000
Dividends5,000
Fees Earned116,400
Wages Expense29,000
Rent Expense43,000
Supplies Expense7,300
Miscellaneous Expense1,750
164. Prior to adjustment at August 31, 2011, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $2,700.
Present the entries to record the following:
(1)Accrued salaries as of August 31.
(2)Closing of Salary Expense as of August 31.