From the Following Items in the Income Statement Columns of the Work

question 23

Essay

From the following items in the Income Statement columns of the work sheet of ElKay Corporation at December 31,2010,prepare the closing entries,assuming that a $75 dividend was paid during the period (omit explanations).
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$ $\quad$$\text {Income Statement }$
$\begin{array} { | l | r | r |} \hline & \text { Debit } & \text { Cradit } \\\hline \text { Service Revenue } & & 1,800 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Exgense } & 400 & \\\hline \text { Supplies Exgense } & 200 & \\\hline \text { Income Taxes E Egpense } & 100 & \\\hline \text { Depreciation Expense-Bullding } & 150 & \\\hline & 2,050 & 1,800 \\ \text { Net Loss } & & 250 \\\hline & 2,050 & 2,050 \\\hline\end{array}$

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Definitions:

Trait Approach

A perspective in psychology focused on the identification and measurement of specific personality traits.

Leadership Success

The effectiveness with which someone in a leadership position achieves desired outcomes and goals, often measured by organizational performance and team satisfaction.

Personal Characteristics

Features or qualities that define an individual's identity, such as traits, behaviors, and attitudes.

Behavioural Approach

A method in psychology and management focusing on understanding and influencing human behavior through observation and empirical data.