Prepare closing entries (Learning Objective 4) 10–15 min.

Requirements 1. Using the following selected accounts of Allied Electrical, Inc., at November 30, 2014, prepare the entity’s closing entries:

2. What is Allied Electrical’s ending Retained Earnings balance at November 30, 2014?AppendixLO1

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Common Stock. $25,000 Accounts Receivable $ 4,400 Service Revenue 90,000 Retained Earnings.... 16,800 Unearned Revenues 2,500 Salaries Payable......... 2,375 Salaries Expense. 24,400 Depreciation Expense. 5,100 Accumulated Depreciation. 33,600 Rent Expense 8,300 Supplies Expense........ 2,800 Dividends..... 20,000 Interest Revenue. 750 Supplies..... 825 Interest Expense. 3,650