Below Are the Adjusted Accounts of Slate Realtors,Inc In the Journal Provided,prepare Slate's Closing Entries (Omit Explanations)

question 68

Essay

Below are the adjusted accounts of Slate Realtors,Inc.,for the month ended Oct.31,2010,listed in alphabetical order:
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 1,100 & \text { Dividends } & \$ 1,500 \\\text { Accounts Receivable } & 4,800 & \text { Income Taxes Expense } & 100 \\\text { Accumulated Depreciation - } & & \text { Income Taxes Payable } & 100 \\\quad \text { Office Equipment } & 6,000 & \text { Office Equipment } & 15,000 \\\text { Cash } & 2,400 & \text { Prepaid Rent } & 2,200 \\\text { Commissions Revenue } & 10,800 & \text { Retained Earnings } & 8,000 \\\text { Common Stock } & 4,000 & \text { Salaries Expense } & 3,500 \\\text { Depreciation Expense- } & & \text { Utilities Expense } & 200 \\\quad \text { Office Enuinment } & 300 & &\end{array}$ In the journal provided,prepare Slate's closing entries (omit explanations).

Identify and calculate ordinary income/loss and separately stated items for a Subchapter S corporation.

Describe the eligibility criteria for a corporation to elect Subchapter S status.

Recognize and categorize items that are separately stated on Schedule K-1 for a Subchapter S corporation.

Analyze dividend distributions in the context of corporate earnings and profits, stockholder basis, and determine the categorization of distributions.

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Definitions:

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A type of learning in which a neutral stimulus comes to elicit a response after being associated with a stimulus that naturally produces that response.

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A strong desire or urge to consume beer, often resulting from psychological factors, social situations, or physiological dependence.