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please solve it fast ASAP with all requirements i not much time Question 3 Application of Close the books, and evaluate retained earnings The accounts

please solve it fast ASAP with all requirements i not much time

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Question 3 Application of "Close the books, and evaluate retained earnings" The accounts of Red River Services, Inc., at January 31, 2014, are listed in alphabetical order. $12,600 16,600 $ 300 15,700 10.100 5,000 Accounts payable. Accounts receivable. Accumulated depreciation, equipment Advertising expense... Cash Common stock Current portion of long-term note payable...... Depreciation expense .......... Dividends declared. Equipment....... 6,700 11,300 17,200 10,800 Interest expense.... Note payable, long term... Other assets.... Prepaid expenses..... Retained earnings, January 31, 2013 Salary expense Salary payable. Service revenue Supplies........ Supplies expense.... Unearned service revenue... 2.000 1,000 12,500 52,500 13,800 26,900 2,500 95,300 4,700 5,000 3,700 Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Red River's closing entries at January 31, 2014. 2. Set up a T-account for Retained Earnings and post to that account. Then compute Red River Services' net income for the year ended January 31, 2014. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Question 4 Application of "Adjust the accounts; construct the financial statements" Consider the unadjusted trial balance of WOW, Inc., at July 31, 2014, and the related month end adjustment data. A1 E D E F WOW, Inc. Trial Balance Worksheet July 31, 2014 1 2 3 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Account 4 Cash Trial Balance Debit Credit 9,500 1,600 3,000 2,100 90,000 3,000 3,200 11 Salary payable 5 5 Accounts receivable 6 Prepaid rent b 7 Supplies 8 Furniture & Furniture 9. Accumulated depreciation, furniture 10 Accounts payable 10 Sstar pa 12 Common stock 13 Retained earnings 14 Dividends 15 Service revenue 16 Salary expense 10 dan 17 Rent expense 16 18 Utilities expense 19 Depreciation expense 20 Supplies expense 21 Total 22 14,000 76,060 3,900 17,700 3,400 460 113,960 113,960 Adjustment data at July 31, 2014: a. Accrued service revenue at July 31, $3,950. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $3,000 relates to the period July 1, 2014, through September 30, 2014. c. Supplies used during July, $1,630. d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at July 31 for Monday, Tuesday, and Wednesday. The five-day weekly payroll of $15,000 will be paid on Friday. Requirements 1. Using Exhibit as an example, prepare the adjusted trial balance of WOW, Inc., at July 31, 2014. Key each adjusting entry by letter. 2. Prepare the single step monthly income statement, the statement of retained earnings, and the classified balance sheet. Draw arrows linking the three statements

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