Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs Accounts

image text in transcribed
After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs Accounts Payable Accounts Receivable Accumulated Depreciation $27.600 Rent Expense $32,700 64.500 Salary Expense 41390 73,325 Salaries Payable A.150 17.150 Service Revenue 136,000 13.500 Supplies 1.500 165,000 Supplies Expense 2.500 2,510 Common Stock 79.950 6.275 Retained Earnings 20,000 Depreciation Expense Equipment Teisurance Expense Prepaid Insurance Closing the revenue and expense accounts requires you to debic the revenue account by its ending balance and credit the rexpense accounts by the ending balances. Question: How much do you credit the retained camines as a result of the above closing entries? (Hint , how much we credit the Retained Earnings couais exactly the amount of income we made this period) hill in your answers in the following format $200,000 should be input as 200,000 without the dollar sign but with the comma)

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

Organizational Change

Authors: Barbara Senior, Stephen Swailes

5th Edition

1292063831, 9781292063836

More Books

Students also viewed these Accounting questions

Question

What are some key features of an ERP system?

Answered: 1 week ago