The adjusted trial balance of the Petal Corporation, prepared as of December 31, LO6 contains the following

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The adjusted trial balance of the Petal Corporation, prepared as of December 31, LO6 contains the following accounts:

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Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account?

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Financial Accounting For Undergraduates

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The adjusted trial balance of the Petal Corporation, prepared as of December 31, LO6 contains the following

Question:

Debit Credit Service fees earned. Interest income.. $87,500 2,600 Salaries expense $41,800 Advertising expense.. 6,300 Depreciation expense. 8,700 Income tax expense.. 11,000 Common stock.. 75,000 Retained earnings Cash dividends.... 60,000 15,000

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1Close Revenue Accounts to Income Summary Debit the Service Fees Earned account for 87500 Credit the ...View the full answer

Financial Accounting For Undergraduates

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