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The income statement for the timberline golf club

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1. The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000; Salaries and Wages Expense $8,400; Maintenance and Repairs Expense $2,500; and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.

(a) Prepare closing journal entries.
(b) What is the ending balance in Retained Earnings? 

Reference no: EM131145679

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