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

question 44

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).
$\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\\hline \text { Service Revenue } & \text { Debit } & \text { Credit } \\\hline \text { Wages Expense } & & 3,000 \\\hline \text { Rent Expense } & 1,800 & \\\hline \text { Supplies Expense } & 600 & \\\hline \text { Income Taxes Expense } & 300 & \\\hline \text { Depreciation Expense-Building } & 150 & \\\hline & 250 & \\\hline \text { Net Loss } & 3,100 & 3,000 \\& & 100 \\\hline&3,100&3,100\\\hline\end{array}$

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Definitions:

Business Venture

An entrepreneurial endeavour or enterprise that is newly formed with the aim of gaining profit.

Government Loans

Financial borrowings offered by the government to individuals, businesses, or other entities, typically with advantageous terms like lower interest rates.