The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $212,000; Service Revenue, $810,000; Salaries Expense, $372,000; Rent Expense, $132,000; Interest Expense, $67,000; and Dividends, $42,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Retained Earnings, $212,000

At the end, accounts are closed against retained earnings, so no journal entry is needed.

Service Revenue, $810,000

Dr Service revenue 810,000

    Cr Income summary 810,000

Salaries Expense, $372,000

Dr Income summary 372,000

    Cr Salaries expense 372,000

Rent Expense, $132,000

Dr Income summary 132,000

    Cr Rent expense 132,000

Interest Expense, $67,000

Dr Income summary 67,000

    Cr Interest expense 67,000

Dividends, $42,000

Dr Retained earnings 42,000

    Cr Dividends 42,000

To close income accounts (income summary = $810,000 - $372,000 - $132,000 - $67,000 = $239,000 profit)

Dr Income summary 239,000

    Cr Retained earnings 239,000

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.