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