Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

List of Accounts Attempts: 1 of 3 used (b) Post the closing entries to Income Summary and Retained Earnings. (Post entries in the order of

image text in transcribed
image text in transcribed
image text in transcribed
List of Accounts Attempts: 1 of 3 used (b) Post the closing entries to Income Summary and Retained Earnings. (Post entries in the order of journal entries were recorded in the previous part of the question.) Income Summary (2) (2) Retained Earnings e Textbook and Media List of Accounts MacBook Air manually. If no entry is required, select "No Entry for the account tities and enter O for the amounts.) No. Date Account Tities and Explanation Debit Credit Apr (1) Service Revenue 16000 30 Income Summary 16000 (To close revenue account) Income Summary Apr. 30 (2) 12440 Salaries and Wages Expense 10920 Depreciation Expense 600 Rent Expense 900 Interest Expense 20 To close expense accounts) (3) Apr. 30 Income Summary 3560 Retained Earnings 3560 (To close net income / (loss)) (4) Api. 30 Retained Earnings 3800 Dividends 3800 (To close dividends) MacBook Homework Question 1 of 2 Bridgeport Company Worksheet (Partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,000 Prepaid Rent 2,440 Equipment 22.900 Accumulated Depreciation-Equip. 4.500 Notes Payable (due in October 2022) 5.900 Accounts Payable 5,000 Common Stock 20,060 Retained Earnings 7.100 Dividends 3.800 Service Revenue 16,000 Salaries and Wages Expense 10.920 Rent Expense 900 Depreciation Expense 600 Interest Expense 20 Interest Payable 20 Totals 58.580 58,580

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

Recommended Textbook for

Forensics Audits And Dreaming

Authors: Helgard Petrus - Coetser

1st Edition

1664260250, 978-1664260252

More Books

Students also viewed these Accounting questions