Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me solve requirement two! thank you. The September 30, 2018, adjusted trial balance of Coffee King, Inc., is shown below. E: (Click the
Please help me solve requirement two! thank you.
The September 30, 2018, adjusted trial balance of Coffee King, Inc., is shown below. E: (Click the icon view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the September closing entries for Coffee King, Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by closing out the revenue accounts. Journal Entry Date Accounts Debit Credit Sep 30 Service revenue 41,000 Interest revenue 1,000 Retained earnings 42,000 Close out the expense accounts. Journal Entry Date Accounts Debit Credit Sep 30 Retained earnings 34,100 Salaries expense 25,400 5,800 Rent expense Depreciation expense, equipment Utilities expense Supplies expense 2,200 400 300 Close out the Dividends account. Journal Entry Date Accounts Debit Credit Sep 30 Retained earnings 1,000 Dividends 1,000 Requirement 2. Calculate the ending balance in Retained earnings. Select the labels and enter the amounts to calculate the ending balance in Retained earnings. + - Ending retained earnings + Beginning retained earnings irnal Entry Common stock Debit Credit 1,000 Dividends 1,000 Net income Total assets ice in Retained earnings. Total liabilities calculate the ending balance in Retained earnings. + + = Ending retained earnings + - Data table Coffee King, Inc. Adjusted Trial Balance September 30, 2018 Account Debit Credit Cash $ 4,500 Accounts receivable 8,000 Prepaid rent 1,700 450 Supplies Equipment Accumulated depreciation, equipment 31,000 $ 3,900 Accounts payable 4,900 Unearned service revenue 1,500 Salaries payable 1,300 Notes payable 8,000 Common stock 3,550 Retained earnings 15,600 Dividends 1,000 Service revenue 41,000 Interest revenue 1,000 Print Done - Data table Prepaid rent 1,7001 450 31,000 Supplies Equipment Accumulated depreciation, equipment Accounts payable Unearned service revenue $ 3,900 4,900 1,500 Salaries payable 1,300 Notes payable 8,000 3,550 Common stock Retained earnings 15,600 Dividends 1,000 Service revenue 41,000 Interest revenue 1,000 Salaries expense 25,400 Rent expense 5,800 Depreciation expense, equipment 2,200 Utilities expense 400 300 Supplies expense $ 80,750 $ 80,750 Total Print DoneStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started