Closing Entries
an Adjusted Trial Balance for Tiger, Inc

Closing entries
An Adjusted Trial Balance for Tiger, Inc., at December 31 appears below.
Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account.
$\begin{array}{c}\text { Tiger, Inc.}\\\text { Adjusted Trial Balance}\\\text { December 31,20\_}\\\begin{array}{|l|r|r|}\hline \text { Cash } & \$ 33,750 \\\hline \text { Accounts receivable } & 175,000 \\\hline\text { Office equipment } & 262,500 \\\hline\text { Accumulated depreciation: } \\\text { office equipment }&&\$50,000 \\\hline \text { Accounts payable } & &100,000\\\hline \text { Income taxes payable } && 50,000 \\\hline \text { Capital stock } & & 125,000 \\\hline \text { Retained earnings } & & 100,000 \\\hline \text { Dividends } & 42,500 & \\\hline \text { Sales commissions earned } & & 542,500 \\\hline \text { Advertising expense } & 80,000 & \\\hline \text { Rent expense } & 110,000 & \\\hline \text { Salaries expense } & 112,500 & \\\hline \text { Utilities expense } & 76,250 &\\\hline\text { Depreciation expense: } \\\text { office equipment }& 25,000 & \\\hline \text { Income taxes expense } & \underline{50,000} & \\\hline & \underline{\underline{967.500}} & \underline{\underline{967.500}} \\\hline\end{array}\end{array}$ $$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { GENERAL LEDGER } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$