Question
Can someone explain the steps for this The following normal balances appear in Eaton Companys general ledger: Account Amount Revenues: $40,000 Wages Expense: $25,000 Utilities
Can someone explain the steps for this
The following normal balances appear in Eaton Companys general ledger:
| Account | Amount |
|---|---|
| Revenues: | $40,000 |
| Wages Expense: | $25,000 |
| Utilities Expense: | $1,650 |
| Insurance Expense: | $3,870 |
In the first closing entry, Retained Earnings will be credited for
a.$32,720.
b.$42,000.
c.$27,000.
d.$9,280.
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
11th edition
978-0133851151, 013385115X, 978-0133866889
