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Hello, I'm a bit stumped as it shows errors for retained earnings and income summary in my journal entry. Could you please let me know
Hello, I'm a bit stumped as it shows errors for retained earnings and income summary in my journal entry. Could you please let me know as well how you got the correct value? As context, I've added the rest of the journal entry. Thank you! Instructions Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services: Retained Earnings $2,650,000 Dividends 10,000 Fees Earned 1,050.000 Wages Expense 886,000 IN Rent Expense 185 000 Supplies Expense 26,200 Miscellaneous Expense 28.600 Journal x Shaded cells have feedback POST. REF. DATE DESCRIPTION Closing Entries 1 2 Aug. 31 Fees Earned 3 Income Summary 4 Aug. 31Income Summary Wages Expense 5 6 Rent Expense 7 Supplies Expense 8 Miscellaneous Expense 9 Aug. 31 Retained Earnings 10 Income Summary 11 Aug. 31 Retained Earnings 12 Dividends Journal Shaded cells have feedback. LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS 1,050,000.00 1 1,050,000.00 1 1,125,800.00 1 886,000.00 1 185,000.00 1 26.200.00 1 28.600.00 1 2,650,000.00 2,650,000.00 1 10.000.00 10,000.00
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