Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just need retained earning & income summary to be filled! Flounder Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101

i just need retained earning & income summary to be filled!
image text in transcribed
image text in transcribed
image text in transcribed
Flounder Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $9,800 112 9,300 Accounts Receivable Equipment 157 16,100 158 $7,800 Accumulated Depreciation-Equip. Accounts Payable 201 4,900 208 Unearned Rent Revenue 2.100 311 Common Stock 19.700 320 Retained Earnings 26,500 332 Dividends 16,300 400 Service Revenue 63,200 429 Rent Revenue 6,000 711 7,000 726 Depreciation Expense Salaries and Wages Expense Utilities Expense 56,300 732 15,400 $ 130,200 $ 130,200 July 31 Service Revenue 63200 Rent Revenue 6000 Income Summary 69200 (To close revenue accounts) Income Summary July 31 78700 Depreciation Expense 7000 Salaries and Wages Expense 56300 Utilities Expanse 15400 (To close expense accounts) July 31 Retained Earnins 9500 Income Summary 9500 (To close net income / (loss)) July 31 Retained Earnings 16300 Dividends 16300 No. 320 Retained Earnings Ref Debit Date Explanation Credit Balance July 31 J15 July 31 + 315 July 31 015 Income Summary No. 350 Balance Date Explanation Ref Debit Credit July 31 315 July 31 J15 July 31 J15 Toyihank and Media

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

Students also viewed these Accounting questions