part c

Flounder Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 9,000 112 Accounts Receivable 11,000 130 Prepaid Insurance 2.900 . 157 Equipment 23,600 158 Accumulated Depreciation-Equip. 4,400 201 Accounts Payable Salaries and Wages Payable 8.900 212 2,200 311 Common Stock 19,400 320 Retained Earnings 7.900 332 Dividends 19,100 400 Service Revenue 60,200 622 Maintenance and Repairs Expense 1,500 711 Depreciation Expense 3,200 722 Insurance Expense 1,600 726 Salaries and Wages Expense 29,500 732 Utilities Expense 1,600 Totals 37,400 60,200 65,600 42,800 Net Income 22,800 22,800 Totals 60,200 60,200 65,600 65,600 Revenues Service Revenue $ 60200 Expenses + Maintenance and Repairs Expense $ 1500 Depreciation Expense 3200 i Insurance Expense 1600 Salaries and Wages Expense 29500 i Utilities Expense 1600 Total Expenses 37400 Net Income /(Loss) 22800 Flounder Company Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, January 1 $ 7900 Add : Net Income /(Loss) 22800 30700 Less Dividends 19100 i Retained Earnings, December 31 $ 11600 (c) Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings No. 320 Dividends No. 332 Income Summary No. 350 + Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense