round grove alarm company provides security services to homes in 240586

Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year-end 2009, after adjusting entries have been made, the following list of account balances is prepared:

Accounts Receivable ……………………………………..$ 37,000

Accounts Payable ………………………………………… 23,000

Accumulated Depreciation, Equipment ………………….. 124,000

Common Stock …………………………………………… 150,000

Depreciation Expense, Equipment ……………………….. 42,000

Dividends ………………………………………………… 6,000

Equipment ……………………………………………….. 409,500

Income Tax Expense …………………………………….. 24,300

Income Taxes Payable …………………………………… 24,300

Interest Expense …………………………………………. 4,800

Notes Payable (due in 2012) …………………………….. 34,000

Other Assets ……………………………………………… 7,700

Prepaid Rent …………………………………………….. 5,000

Rent Expense ……………………………………………. 30,000

Retained Earnings, 12/31/2008 …………………………. 29,400

Salaries Payable …………………………………………. 12,600

Salaries Expense ………………………………………… $144,000

Service Revenue ………………………………………… 605,500

Supplies Expense ………………………………………… 51,900

Supplies Inventory ………………………………………. 12,700

Utilities Expense ………………………………………… 48,800

Wages Expense …………………………………………. 186,500

Wages Payable ………………………………………….. 7,400

Required:

1. Prepare closing entries for Round Grove Alarm Company.

2. Prepare an income statement for Round Grove Alarm Company.

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