ACCOUNTING CYCLE Closing entries Sanders Company had the following adjusted trial balance: Account Titles Debit Credit Cash 11,630 Accounts Receivable 8,920 Supplies 6,130 Equipment 54,770 Accumulated Depreciation 8,000 Accounts Payable 3,360 Deferred Rent Revenue 1,590 Capital Stock 22,400 Retained Earnings 24,300 Dividends 16,600 Commission Revenue 52,000 Rent Revenue 5,600 Depreciation Expense 3,500 Utilities Expense 10,600 Supplies Expense Total 5,100 117,250 117,250 0/5 Carlee Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period = $38,400. Explanation Check ? Supplies Expense Total 5,100 117,250 117,250 Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period Date Dec. 31 Account Title Debit Credit $ = $38,400. ACCOUNTING CYCLE = Creating a balance sheet with asset depreciation On December 31, Ramirez Company had the following list of account balances. Required: Accounts Payable $ 37800 Dividends $ 25000 Accounts Receivable 53000 Equipment 57600 Accumulated Depreciation, 49800 Prepaid Rent 17600 Buildings Accumulated Depreciation, 13400 Rent Expense 2800 Equipment Beginning Retained Earnings 47800 Salaries Expense 6700 Buildings 102000 Salaries Payable 4300 Capital Stock 49100 O Service Revenue 118200 Cash 26500 Supplies 18200 Depreciation Expense, Buildings 3600 Supplies Expense 5500 Depreciation Expense, Equipment 1900 Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending retained earnings. Ramirez Company Balance Sheet December 31 Assets 3/5 = ACCOUNTING CYCLE Creating a balance sheet with asset depreciation ipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending retained earnings. Ramirez Company Balance Sheet Assets Current Assets: (Choose one) Total Current Assets Property, Plant, and Equipment: (Choose one) Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities: (Choose one) Total Liabilities Stockholders' Equity (Choose one) Total Stockholders' Equity Total Liabilities and Stockholders' Equity December 31 3/5