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It looks like you have provided an image that shows part of an accounting task, specifically a worksheet to prepare closing journal entries, based on an adjusted trial balance for Sheffield Company for June 30, 2022. Let's break down the steps to record the closing entries.

### Steps for Closing Entries:
1. **Close Revenue Accounts:**
   - The goal is to close (zero out) revenue accounts by transferring their balances to **Income Summary**.
   - **Service Revenue** (Credit: $5,500) will be debited to close it.
   - The **Income Summary** account will be credited for the same amount.

2. **Close Expense Accounts:**
   - Expenses are closed by transferring their balances to the **Income Summary** account.
   - For each expense (Debit), credit the respective expense account and debit **Income Summary**:
     - Salaries and Wages Expense: $1,450
     - Miscellaneous Expense: $300
     - Supplies Expense: $2,000
   - The total expenses amount to $3,750, which will be credited from **Income Summary**.

3. **Close Income Summary to Retained Earnings:**
   - Calculate net income: **Revenue - Expenses** = $5,500 - $3,750 = $1,750.
   - Close the **Income Summary** by debiting it for $1,750 and crediting **Retained Earnings** for the same amount.

4. **Close Dividends:**
   - Dividends are closed to **Retained Earnings**.
   - **Dividends** (Debit: $540) will be credited and **Retained Earnings** will be debited by $540.

### Journal Entry Layout (based on your image):
1. **Close Revenue Accounts:**
   - Debit: **Service Revenue** $5,500
   - Credit: **Income Summary** $5,500

2. **Close Expense Accounts:**
   - Debit: **Income Summary** $3,750
   - Credit: **Salaries and Wages Expense** $1,450
   - Credit: **Miscellaneous Expense** $300
   - Credit: **Supplies Expense** $2,000

3. **Close Income Summary:**
   - Debit: **Income Summary** $1,750
   - Credit: **Retained Earnings** $1,750

4. **Close Dividends:**
   - Debit: **Retained Earnings** $540
   - Credit: **Dividends** $540

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Would you like more details on any of these entries or calculations? Here are some related questions:

1. Why are revenue and expense accounts closed at the end of the period?
2. What happens to the balance in the Income Summary after all closing entries?
3. How does closing the Dividends account affect Retained Earnings?
4. Why is it important to close accounts at the end of an accounting period?
5. What is the difference between the adjusted trial balance and post-closing trial balance?

**Tip:** Remember that closing entries are made to reset the balances of temporary accounts to zero, preparing them for the next accounting period.

Prepare closing journal entries based on the adjusted trial balance for Sheffield Company as of June 30, 2022.

Learn how to prepare closing journal entries for Sheffield Company based on their adjusted trial balance for June 30, 2022. Steps include closing revenue and expense accounts, transferring net income to retained earnings, and closing dividends.

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