Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030 Dividends 3,600 Service Revenue 15,200 Salaries and Wages Expense 11,000 Rent Expense 900 Depreciation Expense Interest Expense Interest Payable Totals 59,750 59,750 NO. Date ACCOUNE Trues and explanation WEDNE (1) Apr. 30 (To dose revenue account) (2) Apr. 30 (To dose expense accounts) (3) Apr. 30 (To dose net income / (loss)) (4) Apr. 30 Post the closing entries to Income Summary and Retained Earnings. (Post entries in the order of Journal entries posted in the previous part of the question) Income Summary BE Retained Earnings Activate Window Post-Closing Trial Balance Debit Credit at Totals
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e34fd213d0_284669e34fc89e25.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e34fdec6b5_285669e34fd567eb.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e34fec52b3_286669e34fe30994.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e34ffae215_287669e34ff191d8.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started