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Looking for Ending balance in retained earning please The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $
Looking for Ending balance in retained earning please
The income statement for the Shamrock, Inc. for the month ended July 31 shows Service Revenue $ 19,500, Salaries and Wages Expense $ 9,730, Maintenance and Repairs Expense $ 3,890, and Income Tax Expense $ 1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $ 23,230 and Dividends $ 1,800. (a) Your answer is correct. Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 Service Revenue 19500 Income Summary 19500 (To close revenue account) July 31 Income Summary 14910 Salaries and Wages Expense 9730 Maintenance and Repairs Expense 3890 Income Tax Expense 1290 July 31 Income Summary 4590 Retained Earnings 4590 (To close net income/(loss) to retained earnings) July 31 Retained Earnings 1800 Dividends 1800 (To close dividends to retained earnings) List of Accounts Attempts: 1 of 2 used (b) What is the ending balance in Retained Earnings? Ending balance in Retained Earnings $Step by Step Solution
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