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

question 32

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).
$\begin{array} { | l | r | r | } \hline &{ \text { Income Statement } } \\\hline & { \text { Debit } } & { \text { Credit } } \\\hline \text { Service Revenue } & & 1,800 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Expense } & 400 & \\\hline \text { Supplies Expense } & 200 & \\\hline \text { Income Taxes Expense } & 100 & \\\hline \text { Depreciation Expense-Building } & 150 & \\\hline & 2,050 & 1,800 \\\text { Net Loss } & & 250 \\\hline & 2,050 & 2,050 \\\hline\end{array}$

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Definitions:

NCRMD

Stands for Not Criminally Responsible on account of Mental Disorder, a legal defense in some jurisdictions for individuals who commit crimes but are found to be mentally ill at the time.

Criminal Offences

Acts that are punishable under criminal law, including both minor offenses and serious crimes.

Self-Determination

The principle that individuals have the right to control their lives and make their own decisions without undue influence from external forces.

Principle Of Autonomy

The ethical principle that recognizes an individual's right to make their own choices and decisions without coercion.