The adjusted trial balance as of December 31, 2018, for Brooks Consulting Company contains the following selected
Question:
The adjusted trial balance as of December 31, 2018, for Brooks Consulting Company contains the following selected accounts.
a. Prepare entries to close these accounts in journal entry form.
b. Set up T-accounts for each of the ledger accounts. enter the balances above. and post the closing: entries to them. After these entries are posted. What is the post-closing balance of the Retained Earnings account?
Adjusted Account Balances Debit Credit Service fees earned.. Rent expense.. Salaries expense €80,300 €20,800 45,700 Supplies expense. Depreciation expense. Retained eamings 5,600 10,200 67,000
Step by Step Answer:
a b Brooks Consulting earned a loss during the period expenses exceeded revenues by 2000 s...View the full answer
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Related Video
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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