Laker Incorporateds fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of
Question:
Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.
Transcribed Image Text:
Debit S9,700 25,200 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 6.600 S6,700 9.700 23,800 16,500 4,200 36,300 21,900 8,500 4,200 12,700 93,000 Totals S93,000
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1 December 31 2015 Debit Credit Service Revenue 36300 Retained Earnings 363...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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