Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Retained earnings Dividends Services revenue Rent expense Salaries expense Utilities

Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue Retained earnings Dividends Services revenue Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense-equipment Totals Unadjusted Trial Balance Debit Credit 1,135 5,200 340 15, 120 3,250 3,100 3,700 505 2,740 6,100 12,380 11,130 Adjustments Debit Credit 460 535 475 310 230 350 475 995 310 230 350 32,350 32,350 2,360 2,360
image text in transcribed
image text in transcribed
the following information is available for shelton comoang before closing the accounts. what will be the amount in the income summary account that shoukd be closed to retained earnings?
Multiple Choice $3,980. $9,310. $3,455. $3,825 $2,360

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Audits

Authors: Cliff VanGuilder

1st Edition

1938549600, 978-1938549601

More Books

Students also viewed these Accounting questions