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SHORT ANSWER

1.Presented below are the Retained Earnings, Dividends, and Income Summary accounts for Anika's Pet Grooming Boutique, Inc., for the year ended December 31, 2010. Closing entries have been entered and posted. Prepare a statement of retained earnings.

2.Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service, Inc., assuming that a $500 dividend was paid during the period (omit explanations).

Income Statement

DebitCredit

Cleaning Revenue2,600

Wages Expense1,200

Rent Expense400

Supplies Expense300

Income Taxes Expense40

1,9402,600

Net Income660

2,6002,600

General JournalPage 1

Date

DescriptionPost.

Ref.

Debit

Credit

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