Question
Closing Entries The adjusted trial balance prepared as of December 31, for Cheryl Fontaine & Company, shipping agent, contains the following accounts: Debit Credit Commission
Closing Entries The adjusted trial balance prepared as of December 31, for Cheryl Fontaine & Company, shipping agent, contains the following accounts:
| Debit | Credit | ||
|---|---|---|---|
| Commission Earned | $84,900 | ||
| Wages Expense | $36,000 | ||
| Insurance Expense | 1,900 | ||
| Utilities Expense | 8,200 | ||
| Depreciation Expense | 9,800 | ||
| Dividends | 12,000 | ||
| Common stock | 50,000 | ||
| Retained earnings | 22,100 |
Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account?
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Cost Accounting An Introduction To Cost Management Systems
Authors: Philip Jagolinzer
1st Edition
0324015828, 978-0324015829
