Reference no: EM132479009

Listed below are selected accounts from the adjusted trial balance of the Meyers Company at August 31, 2012.

Accounts Payable                    $600

Interest Expense                      $ 15

Accounts Receivable                  800

Interest Revenue                        10

Accumulated Depreciation              200

Notes Payable                          500

Cash                                      900

Salaries Expense                          600

Common Stock                         2,000

Retained Earnings (8/1)              900

Cost of Goods Sold                        4,000

Sales                         15,000

Dividends                                        300

Salaries Payable                               100

Question 1: Prepare the closing entries needed on August 31, 2012, using the Income Summary account.