The adjusted trial balance prepared December 31, for Cheryl Lester & Company, shipping agent, contains the following

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The adjusted trial balance prepared December 31, for Cheryl Lester \& Company, shipping agent, 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

ISBN: 9781618533081

4th Edition

Authors: Wallace

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Question Posted: May 16, 2024 05:01 AM

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The adjusted trial balance prepared December 31, for Cheryl Lester & Company, shipping agent, contains the following

Question:

Wages expense. Commissions earned Debit $36,000 Credit $94,900 Insurance expense. 3,000 Utilities expense. 9,500 Depreciation expense. 9,800 Dividends. 12,000 Common stock. 90,000 Retained earnings 22,100

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To close the accounts directly to Retained Earnings well need to transfer the balances of revenue an...View the full answer

Financial Accounting For Undergraduates

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