Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

600 The February 29, 2020 (month end) Adjusted Trial Balance for Margie, Inc. follows. Use the Adjusted Trial Balance to answer a), b), and c).

image text in transcribed
600 The February 29, 2020 (month end) Adjusted Trial Balance for Margie, Inc. follows. Use the Adjusted Trial Balance to answer a), b), and c). Adjusted Trial Balance 2/29/2020 Debit Credit Cash $1,200 Supplies Merchandise Inventory 1,500 Accounts Payable Common Stock Retained Earnings 1.800 Dividends 400 Sales Revenue 1.900 Cost of Goods Sold (Expense) 1,100 Salaries Expense Totals $5,300 $5,300 1.200 cod a) Calculate Margie's ending Retained Earnings for the month ended 2/29/2020 (show calculation, please)? b) Prepare the following (4) Closing Journal Entries comit dates and descriptions). Use these accounts for your closing journal entries: Sales Revenue Income Summary Cost of Goods Sold (expense), Salaries Expense, Retained Earnings, and Dividends. D Closing journal entry for the Sales Revue account ii) Closing journal entryliss) for the two Expense accounts iii) Closing journal entry for the income Summary account iv) Closing journal entry for the Dividends account c) What is the balance in the Retained Earnings account after the Journal Entries in part b) above me posted to Margie's accounts? Please indicate "debit" or "credit with your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Analytics Using Descriptive Predictive And Social Network Techniques A Guide To Data Science For Fraud Detection

Authors: Bart Baesens, Veronique Van Vlasselaer, Wouter Verbeke

1st Edition

1119133122, 978-1119133124

More Books

Students also viewed these Accounting questions