Question
Debit Credit Services fee earned $92,500 Interest Income 2,600 Salaries expense $41,800 Advertising expense 4,300 Depreciation expense 8,700 Income tax 11,000 Common stock 75,000 Retained
|
| Debit | Credit |
| Services fee earned |
| $92,500 |
| Interest Income |
| 2,600 |
| Salaries expense | $41,800 |
|
| Advertising expense | 4,300 |
|
| Depreciation expense | 8,700 |
|
| Income tax | 11,000 |
|
| Common stock |
| 75,000 |
| Retained earnings |
| 61,000 |
| Cash dividends | 15,000 |
|
Closing Entries : Use the information provided to prepare journal entries to close the accounts using the Income Summary account. Post the entries, what is the balance in the Retained Earnings Account?
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
Construction Auditing Planning Implementation Use
Authors: Peter Wotschke, Gregor Kindermann
1st Edition
3658388404, 978-3658388409
