Chapter 3 ( Accrual Basis of Accounting) Questions E3-12B, E3-14B

9,900 Retained earnings 80,000 Cash dividends. . 17,000 57,700 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted LO7 what is the ending balance in the Retained Earnings account? ix 3A) E3-12B. Closing Entries Use the information provided in E3-5B to prepare journal entries to close the an counts using the Income Summary account. After these entries are posted, what is the balance in the LO7 Retained Earnings account? x 3A) E3-13B. Closing Entries In the midst of closing procedures, Claremont Corporation's accountant became ill. You have volunteered to complete the closing of the books, and you find that all revenue and ex- pense accounts have zero balances and that the Income Summary account has a single debit entry for $318,800 and a single credit entry for $357,400. The Cash Dividends account has a debit balance of $16,000, and the Retained Earnings account has a credit balance of $117,000. Prepare journal entries to complete the closing procedures as of year-end. 08 E3-14B. Worksheet Identify each of the 10 amount columns of the worksheet and indicate to which column 3B) the adjusted balance of the following accounts would be extended: a. Accounts Receivable f. Interest Receivable b. Accumulated Depreciation 8. Prepaid Rent C . Dividends h. Service Fees Earned d. Salaries Payable i. Common Stock e. Wages Expense j. Retained Earnings E3-15B. Closing Entries Use the information provided in E3-11B to prepare journal entries to close the ac- counts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings account? E3-16B. Worksheet The adjusted trial balance columns of a worksheet for Frankfurt Corporation are shown below. The worksheet is prepared for the year ended December 31