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4,500 Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense 91,350 55,000 900 650 $115,250 $115,250 Additional Information: 1. The equipment was purchased on January
4,500 Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense 91,350 55,000 900 650 $115,250 $115,250 Additional Information: 1. The equipment was purchased on January 1,2017. The useful life is estimated to be 10 years. 2. As of December 31, 2018, the company had accrued salaries of $950 3. Of the balance in the unearned revenue account, $500 had not been earned by year -end. 4. On December 1, 2018, the company paid $900 for four months of advertising. 5. A count of supplies on December 31, 2018 showed $400 of supplies had been used during the year. 6. On May 1, 2018, the company rented an office building for one year and paid $24,000 in cash The entry to close the Income Summary will include a: debit to income summary for $19,025 B. debit to income summary for $14,525 credit to retained earnings for $16,725 credit to retained earnings for $18,575 E. credit to retained earnings for $17,625 Use the following trial balance to answer questions 1-5 below: Aggie Consulting Unadjusted Trial Balance - December 31, 2018 Credits Debits $11,500 3,500 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Service Revenue 1,200 24,000 14,000 $1,400 1,900 2,800 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense 10,300 7,500 4,500 91,350 55,000 900
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