Exercise 2 8A (Algo) Closing entries LO 2 4 Love Companys accounting records show an after closing balance of $20,600 in its Retained Earnings account on December 31, Year 2 During the Year 2 accounting cycle, Love earned $17,500 of revenue, incurred $10,400 of expense, and paid $2,700 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a Determine the balance in the Retained Earnings account as of January 1, Year 3 b Determine the balance in the temporary accounts as of January 1, Year 2 c Determine the after closing balance in the Retained Earnings account as of December 31, Year 1 d Determine the balance in the Retained Earnings account as of June 30, Year 2 Love Company's accounting records show an after closing balance of $20,600 in its Retained Earnings account on December 31, Year 2 During the Year 2 accounting cycle, Love earned $17,500 of revenue, incurred $10,400 of expense, and paid $2,700 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a Determine the balance in the Retained Earnings account as of January 1, Year 3 b Determine the balance in the temporary accounts as of January 1 , Year 2 c Determine the after closing balance in the Retained Earnings account as of December 31, Year 1 d Determine the balance in the Retained Earnings account as of June 30, Year 2

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Exercise 2-8A (Algo) Closing entries LO 2-4 Love Companys accounting records show an after-closing balance of $20,600 in its Retained Earnings account on December 31,

Exercise 2-8A (Algo) Closing entries LO 2-4

Love Companys accounting records show an after-closing balance of $20,600 in its Retained Earnings account on December 31, Year 2. During the Year 2 accounting cycle, Love earned $17,500 of revenue, incurred $10,400 of expense, and paid $2,700 of dividends. Revenues and expenses were recognized evenly throughout the accounting period. Required a. Determine the balance in the Retained Earnings account as of January 1, Year 3. b. Determine the balance in the temporary accounts as of January 1, Year 2. c. Determine the after-closing balance in the Retained Earnings account as of December 31, Year 1. d. Determine the balance in the Retained Earnings account as of June 30, Year 2. image text in transcribed

Love Company's accounting records show an after-closing balance of $20,600 in its Retained Earnings account on December 31, Year 2. During the Year 2 accounting cycle, Love earned $17,500 of revenue, incurred $10,400 of expense, and paid $2,700 of dividends. Revenues and expenses were recognized evenly throughout the accounting period. Required a. Determine the balance in the Retained Earnings account as of January 1, Year 3. b. Determine the balance in the temporary accounts as of January 1 , Year 2. c. Determine the after-closing balance in the Retained Earnings account as of December 31, Year 1. d. Determine the balance in the Retained Earnings account as of June 30, Year 2