E3-8B Closing entries

a. E3-78. Expense Matching Identify the proper point to recognize expenses for each of the following L01 transactions Julio Inc, purchases for cash five custom dining tables for $1.200 each in March. Three tables are later sold for $1.750 each in April, and the remaining two tables are sold for $1.500 each in May. b. Craig Company purchases $400 of office supplies that are both paid for and used in August. Kerra Company purchases $500 of inventory on account in July. The inventory is sold for $650 in August. Kerra pays its suppliers the $500 due in September. E3-8B. Closing Entries In the midst of closing procedures, La Verne Corporation's accountant became ill LOG and was hospitalized. You have volunteered to complete the closing of the books. You find that all the revenue and expense accounts have zero balances. The Dividends account has a debit balance of $35.000. The Retained Earnings account has a beginning credit balance of $191,000. Expenses totaled $328,800, and revenues totaled $347.400. Prepare journal entries to complete the closing procedures as of year-end directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? E3-98. Analysis of Adjusted Data Selected T-account balances for the Rome Company are shown below as LO3, 4 of January 31: adjusting entries have already been posted. The firm uses a calendar-year accounting period and makes monthly adjustments, Supplies Supplies Expense Jan. 31. Bal. 1,050 Jan. 31..Bal. 2,540 Prepaid Insurance Insurance Expense MO