Exercise 4-20

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Sarasota Corp. is provided below.

		Debit		Credit
Accounts Receivable		$69,700
Dividends		25,250
Depreciation Expense		12,670
Equipment		204,290
Salaries and Wages Expense		87,460
Accounts Payable				$50,880
Accumulated DepreciationEquipment				110,210
Unearned Rent Revenue				21,980
Service Revenue				176,450
Rent Revenue				5,950
Rent Expense		3,460
Retained Earnings				59,330
Supplies Expense		1,340

	Your answer is correct.

Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	(To close revenue account)
Dec. 31	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	(To close expense accounts)
Dec. 31	enter an account title to close net income to retained earnings	enter a debit amount	enter a credit amount
	enter an account title to close net income to retained earnings	enter a debit amount	enter a credit amount
	(To close net income to retained earnings)
Dec. 31	enter an account title to close dividends to retained earnings	enter a debit amount	enter a credit amount
	enter an account title to close dividends to retained earnings	enter a debit amount	enter a credit amount
	(To close dividends to retained earnings)

SHOW LIST OF ACCOUNTS

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Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.)

Retained Earnings
choose a transaction date Jan. 1Dec. 31Bal.	enter a debit amount	choose a transaction date Jan. 1Dec. 31Bal.	enter a credit amount
choose a transaction date Jan. 1Dec. 31Bal.	enter a debit amount	choose a transaction date Jan. 1Dec. 31Bal.	enter a credit amount
choose the end date of the accounting period Jan. 1Dec. 31Bal.	enter a debit balance	choose the end date of the accounting period Jan. 1Dec. 31Bal.	enter a credit balance

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