Gibson Companys adjusted balances at December 31, 2015 (listed alphabetically) were: Gibson prepared, but did not yet
Question:
Gibson Company’s adjusted balances at December 31, 2015 (listed alphabetically) were:
Gibson prepared, but did not yet post, additional adjusting journal entries (AJEs) for $3,000 of depreciation and $26,200 of income taxes.
Required:
1. Post the two AJEs, determine the new adjusted balances, and prepare an adjusted trial balance listing the accounts in proper order at December 31, 2015. Solve for the “?” in Retained Earnings.
2. Does the Retained Earnings balance determined in requirement 1 represent the balance at December 31, 2015, or December 31, 2014? Explain.
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Step by Step Answer:
Posting the AJEs Depreciation Expense 3000 Income Tax Expense 26200 Adjusted balances after posting ...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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