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please help! first picture is for reference for the questions Roscoe has attempted to journalize the closing entries for Chandler, Inc. on this panel. He's
please help! first picture is for reference for the questions
Roscoe has attempted to journalize the closing entries for Chandler, Inc. on this panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31. Journal Page 25 Description Post. Ref. DebitCredit Date Retained Earnings Dec. 31 451,600 Fees Earned 165,600 Rent Revenue 92,000 7,200 Interest Revenue 71,000 Salaries Expense 25,600 Selling Expense Income Taxes Expense 47,200 Depreciation Expense 17,000 Insurance Expense 1,000 Miscellaneous Expense 5,000 Retained Earnings Dec. 31 5,000 Dividends Journal Roscoe has attempted to journalize the closing entries for Chandler. Inc. on the Rescces Journal panel. He's not Determine which entry is incorrect, and journalize both closing entries for Chandlet, Inc, as of Dec, 34! It an a sure if he 's journalized the entries corectly, and asks you to review th Fees Earned Dec. 31 Calculator our Roscoe has attempted to journalize the dosing entries for Chandler, Inc. on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one entry is correct, but the other is incom Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31. If an amount box does not require an entry, leave it blank. Dec. 31 Fees Earned Rent Revenue Interest Revemue Salaries Expense Selling Expense Incom Taxes Expense Retained Earnings Dec. 31 Retained Earnings trial balance is meant to ensure that been reduced to zero balance for the next accounting cvcle Also, the post-clesing shows all the parmanent accounts with their updated values after the temporary accounts have The post-closing trial balance s debits equal credits post-close. leave it blank Poscoe is very happy with yeur work or the closind enties for Chander, In., and asis it you would prepere past clesing tnai buiane for the Chandler, Inc. Post-Closing Trial Balance December 31, 2017 Debit BalancesCredit Balances Account Title Cash Prepaid Insurance All work savia Retained Earnings Dec. 31 Retained Earnings Dividends Post-Closing Trial Balance The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been redu ced to zero balance for the next accounting eycle. Alsa, the post-closing trial balance is debits equal credits post-close. meant to ensure that KRoscoe is very happy with your work on the ciosing entnies Inc.,. and asks if you would prepare a post-closing trial balance for the company. It an amount bex does not require an entry, leave it blank Chandler, Inc. December 31, 2017 Account Title Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Income Taxes Payable Common Stock Retained Earning5 @#Step by Step Solution
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