Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with 34-39 Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following
I need help with 34-39
Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest expense Dividends $300,000 450,000 250,000 20,000 5,000 75,000 Prepare the closing entries. 34. $_ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? 35. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? 36. $ After closing the accounts, what is the ending balance in Retained Earnings? Use the following for questions 37-39 T Corp has provided their accounts in alphabetical order. Use these accounts to answer the following questions. Accounts payable $20,000 Accounts Receivable 35,000 Accumulated depreciation 150,000 Cash 30,000 Common stock 300,000 Depreciation expense 50,000 Dividends 100,000 Equipment 900,000 Deferred revenue 10,000 Notes payable 150,000 Rent expense 10,000 Retained earnings 204,000 Salaries expense 300,000 Service revenue 600,000 Supplies 1,000 Supplies expense 8,000 37.$. Total current assets 38. $ Book value of the equipment 39. $ _Net incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started