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Need 3 numbers, 1 will be zero!!! Griffin Company had the following adjusted trial balance: Account Titles Debit Credit Cash S24,620 Accounts Receivable 15,600 9,350
Need 3 numbers, 1 will be zero!!!
Griffin Company had the following adjusted trial balance: Account Titles Debit Credit Cash S24,620 Accounts Receivable 15,600 9,350 42,700 Supplies Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue 4,550 1,850 26,470 22,600 Capital Stock Retained Earnings Dividends 14,200 Commission Revenue 56,800 7,300 Rent Revenue Depreciation Expense Utilities Expense 7,300 10,000 5,700 Supplies Expense Total $129,470 $129,470 The president of Griffin Company has asked you to close the books (prepare and process the closing entries). The president of Griffin 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 dividends account? so 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 What is the balance in the Retained Earnings account? $0 $Step by Step Solution
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