Question
he following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31,
he following financial information was taken from the books of Zone Health Club, a small spa and fitness club:
Account Balances as of | ||
December 31, Year 2 | ||
Accounts receivable | $ | 27,500 |
Accounts payable | 7,870 | |
Salaries payable | 10,700 | |
Cash | 40,200 | |
Dividends | 5,000 | |
Operating expense | 2,230 | |
Prepaid rent | 3,700 | |
Rent expense | 7,700 | |
Retained earnings, Beginning | 20,100 | |
Salaries expense | 30,700 | |
Service revenue | 73,200 | |
Supplies | 540 | |
Supplies expense | 2,690 | |
Common stock | 23,800 | |
Unearned revenue | 7,250 | |
Land | 14,600 | |
Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? required a. record entry to close service revenue
required b. record entry to close expenses
required c. record entry to close dividends
2. what is the balance in retained earnings account after the entries are posted?
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