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Need 3 dollar amounts, one should be $0 Walker Company had the following adjusted trial balance: Account Titles Debit Credit Cash $20,970 Accounts Receivable Supplies
Need 3 dollar amounts, one should be $0
Walker Company had the following adjusted trial balance: Account Titles Debit Credit Cash $20,970 Accounts Receivable Supplies 17,650 9,300 44,700 Equipment Accumulated Depreciation $9,300 Accounts Payable Deferred Rent Revenue 4,590 1,890 39,040 22,300 Capital Stock Retained Earnings Dividends 15,900 Commission Revenue 48,300 Rent Revenue 5,100 Depreciation Expense 6,900 9,100 Utilities Expense Supplies Expense 6,000 Total $130,520 $ 130,520 The president of Walker Company has asked you to close the books (prepare and process the closing entries). The president of Walker Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the commission revenue account? $0 What is the balance in the Retained Earnings account? $ During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? so 3Step by Step Solution
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