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

question 54

Essay

From the following items in the Income Statement columns of the work sheet of Antin Corporation at December 31,2010,prepare the closing entries,assuming that a $50 dividend was paid during the period (omit explanations).
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$ $\quad$$\text {Income Statement }$
$\begin{array} { | l | r | r| } \hline & \text { Debit } & \text { Credit } \\\hline \text { Service Revenue } & & 3,000 \\\hline \text { Wages Expense } & 1,800 & \\\hline \text { Rent Exggense } & 600 & \\\hline \text { Supplies Exgense } & 300 & \\\hline \text { Income Taxes Expense } & 150 & \\\hline \text { Depreciation Exgense-Building } & 250 & \\\hline & 3,100 & 3,000 \\\text { Net Loss } & & 100 \\\hline & 3,100 & 3,100 \\\hline\end{array}$

---

Definitions:

Inductive Reasoning

Reasoning that arrives at a general conclusion from specific instances or examples.

Reliable Cars

Describes vehicles known for their dependability, low maintenance, and minimal breakdowns, providing consistent performance over time.

Routine Maintenance

Regularly scheduled tasks that keep equipment or systems functioning smoothly.

Organizational Pattern

The structured arrangement of elements within an organization or of ideas in speech or writing, facilitating clarity and order.