Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello - I am struggling with the following assignments.. thank you for your help Brief Exercise 4-17 The income statement for the Larkspur, Inc. for

Hello - I am struggling with the following assignments.. thank you for your help

image text in transcribedimage text in transcribedimage text in transcribed
Brief Exercise 4-17 The income statement for the Larkspur, Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,050. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040. Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income/(loss) to retained earnings) July 31 (To close dividends to retained earnings) SHOW LIST OF ACCOUNTS LINK TO TEXT What is the ending balance in Retained Earnings? Ending balance in Retained Earnings $ Click if you would like to Show Work for this question: Open Show WorkExercise 4-21 Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Indigo Corporation is provided below. Debit Credit Accounts Receivable $65,340 Dividends 23,670 Depreciation Expense 11,880 Equipment 191,520 Salaries and Wages Expense 81,990 Accounts Payable $47,700 Accumulated Depreciation-Equipment 103,320 Unearned Rent Revenue 20,610 Service Revenue 165,420 Rent Revenue 5,580 Rent Expense 3,240 Retained Earnings 55,620 Supplies Expense 1,260 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 (To close revenue account) Dec. 31 To close expense accounts) Dec. 31 (To close net income to retained earnings) Dec. 31 (To close dividends to retained earnings)Accumulated Depreciation-Equipment 103,320 Unearned Rent Revenue 20,610 Service Revenue 165,420 Rent Revenue 5,580 Rent Expense 3,240 Retained Earnings 55,620 Supplies Expense 1,260 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 To close revenue account) Dec. 31 To close expense accounts) Dec. 31 (To close net income to retained earnings) Dec. 31 (To close dividends to retained earnings) SHOW LIST OF ACCOUNTS LINK TO TEXT Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting

Authors: Donna Kay

15th Edition

0077826841, 9780077826840

More Books

Students also viewed these Accounting questions

Question

Speak clearly and distinctly with moderate energy

Answered: 1 week ago

Question

Get married, do not wait for me

Answered: 1 week ago