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Hi i need the complete answer of all the requierments please. The accounts of Steamy Spring Services Ltd. at March 31, 2017, are listed in
Hi i need the complete answer of all the requierments please.
The accounts of Steamy Spring Services Ltd. at March 31, 2017, are listed in alphabetical order. : (Click the icon to view the accounts.) Requirements 1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize Steamy Spring Ltd.'s closing entries at March 31, 2017. 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then compute Steamy Spring's net income for the year ended March 31, 2017. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Requirement 1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize Steamy Spring Ltd.'s closing entries at March 31, 2017. (Record debits first, then credits. Enter explanations on the last line.) Record the closing entries for Steamy Spring at March 31, 2017. Begin by closing the revenue account. Journal Entry Date Accounts Debit Credit (1) March 31 Accounts $ 5,700 14,100 5,100 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Current portion of note payable Depreciation expense Dividends... Equipment. Insurance expense 14,000 Note payable, long term..... 16,100 Other assets.... Prepaid expenses. 7,000 Retained earnings, 11,300 March 31, 2016 7,500 Salary expense...... Salary payable 600 Service revenue 1,100 Share capital. 35,000 Supplies .. 42,500 Supplies expense. 650 Unearned service revenue 21,000 18,300 3,000 96,000 9,250 3,800 4,600 3,500 Print DoneStep by Step Solution
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