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Green Company had the following adjusted trial balance: Account Titles Debit Credit Cash $24,800 Accounts Receivable 16,550 Supplies 9,430 Equipment 37,800 Accumulated Depreciation $9,900
Green Company had the following adjusted trial balance: Account Titles Debit Credit Cash $24,800 Accounts Receivable 16,550 Supplies 9,430 Equipment 37,800 Accumulated Depreciation $9,900 Accounts Payable Deferred Rent Revenue 3,130 1,670 Capital Stock 31,180 Retained Earnings 24,600 Dividends 14,700 Commission Revenue 46,000 Rent Revenue 5,200 Depreciation Expense 5,500 Utilities Expense 7,900 Supplies Expense 5,000 Total $121,680 $121,680 The president of Green Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: During the closing process, what amount. was transferred from the income summary account to the Retained Earnings account in the third closing $ entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the dividends account? $0 What is the balance in the Retained Earnings account? $0
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