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All the red outlined ones are wrong. Not sure if others are right. Your answer is partially correct. The ledger of Pronghorn Company contains the
All the red outlined ones are wrong. Not sure if others are right.
Your answer is partially correct. The ledger of Pronghorn Company contains the following balances: Retained Earnings $ 30,500, Dividends $3,000, Service Revenues $2,000, Salaries and Wages Expense $ 28,000, and Supplies Expense $ 6.500 The closing entries are as follows: (1) Close revenue accounts (2) Close expense accounts. (3) Close net income/loss). (4) Close dividends Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts. Salaries and Wages Expense Bal 28.000 28,000 28,000 20.000 Supplies Expense Baby 6,500 121 8.500 6.500 6,500 Service Revenue (1) 52.000 Bal 52.000 Bal 28.000 123 28.000 28.000 28.000 Supplies Expense Bal 6.500 6,500 121 6,500 6.500 Service Revenue 52.000 (1) 52.000 Balv 52.000 52.000 Bal v Dividends Bal 3.000 3.000 (4) Bal 3.000 149 3.000 Income Summary (21 28.000 (1) 52.000 6.500 (1) 52.000 13) Retained Earnings 30 500 BV (4) 3.000 130 V 17.500 V BE 48.000 Step by Step Solution
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