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I need the yellow part answered! retained earnings and the balance Closing Entries The adjusted trial balance prepared as of December 31, for Cheryl Fontaine
I need the yellow part answered! retained earnings and the balance
Closing Entries The adjusted trial balance prepared as of December 31, for Cheryl Fontaine & Company, shipping agent, contains the following accounts: Debit Credit $85,800 $36,900 2,800 Commission Earned Wages Expense Insurance Expense Utilities Expense Depreciation Expense Dividends Common stock 9,100 10,700 12,900 50,900 Retained earnings 23,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? Credit Debit 85,800 $ 0 0 85,800 0 0 0 General Journal Date Description Dec.31 Commissions Earned $ Retained Earnings To close the revenue account. Dec.31 Retained Earnings Wages Expense Insurance Expense Utilities Expense Depreciation Expense To close the expense accounts. Dec.31 Retained Earnings Dividends To close the dividends account. 36,900 2,800 0 0 9,100 0 10,700 12.900 0 0 12,900 Balance in Retained Earnings at December 31 $ 0Step by Step Solution
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