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A business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. Accounts
A business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. Accounts Balances Accounts receivable 10,500 Accumulated depreciation 12,000 Service revenue 97,000 5,600 3,900 Depreciation expense Supplies expense Cas Retained earnings Deferred revenue 10,600 F 30,000 TI 1,600 Salaries expense 32,500 Dividends 20,600 41,000 Equipment Drenair aynence 1.500 Prepaid expense 1,500 Rent expense 32,000 Part A: Select the correct response When the closing entry is prepared is prepared for the Dividends account: Part B: Select the correct response When the closing entry is prepared, the Supplies Expense account will be credited : Part C: Select the correct response When the closing entry for the Income Summary account is prepared, the Retained Earnings account will be: Part D: Select the correct response After the closing entries are prepared, the post closing balance of Retained Earnings will be: $30,000 - Please answer all parts of the question A business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. Accounts Balances Accounts receivable 10,500 Accumulated depreciation 12,000 Service revenue 97,000 5,600 3,900 Depreciation expense Supplies expense Cas Retained earnings Deferred revenue 10,600 F 30,000 TI 1,600 Salaries expense 32,500 Dividends 20,600 41,000 Equipment Drenair aynence 1.500 Prepaid expense 1,500 Rent expense 32,000 Part A: Select the correct response When the closing entry is prepared is prepared for the Dividends account: Part B: Select the correct response When the closing entry is prepared, the Supplies Expense account will be credited : Part C: Select the correct response When the closing entry for the Income Summary account is prepared, the Retained Earnings account will be: Part D: Select the correct response After the closing entries are prepared, the post closing balance of Retained Earnings will be: $30,000 - Please answer all parts of the
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