Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash Accounts receivable Inventory Prepaid rent Debit $1,662 2,098 3,124 86 Credit Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Common stock Retained earnings Service
Cash
Accounts receivable Inventory
Prepaid rent
Debit $1,662 2,098 3,124 86
Credit
Equipment
Accumulated depreciation-equipment Accounts payable
Unearned service revenue
Common stock
Retained earnings
Service revenue
Interest revenue
Salaries and wages expense
Travel expense
T otal
After closing entries have been posted, the balance in retained earnings will be: a. $6,440.
b. $6,612.
c. $6,980.
d. $6,808.
please help me understand the answer and how to find retained earnings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started