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At the beginning of April, Owl Corporation has a balance of $11,900 in the Retained Earnings account. During the month of April, Owl had the
At the beginning of April, Owl Corporation has a balance of $11,900 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $12,000. 2. Provide services to customers on account, $7,400. 3. Provide services to customers in exchange for cash, $2,100. 4. Purchase equipment and pay cash, $6,500. 5. Pay rent for April, $1,300. 6. Pay employee salaries for April, $2,400. 7. Pay dividends to stockholders, $1,450. Required: Using the external transactions above, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Balance $ 11,900 Transaction Retained earnings, April 1 1. Issue common stock for cash, $12,000 2. Provide services to customers on account, $7,400. 3. Provide services to customers in exchange for cash, $2,100. 4. Purchase equipment and pay cash, $6,500. 5. Pay rent for April, $1,300 6. Pay employee salaries for April, $2,400. 7. Pay dividends to stockholders, $1,450. Retained earnings, April 30
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