Question
Preparing Closing Journal Entries The adjusted trial balance at June 30, 2013 for Quantas Airlines includes the following selected accounts. (AUD millions) Debits Credits Total
Preparing Closing Journal Entries
The adjusted trial balance at June 30, 2013 for Quantas Airlines includes the following selected accounts.
(AUD millions) | Debits | Credits | |
Total passenger and freight revenue | 15,902 | ||
Manpower and staff related | 3,825 | ||
Fuel | 4,154 | ||
Aircraft operating variable | 3,066 | ||
Depreciation and amotisation | 1,450 | ||
Other expenses | 3,203 | ||
Finance costs | 187 | ||
Income tax expense | 11 | ||
Retained earnings | 1,165 |
Assume that the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts and post the closing entries. After these entries are posted, what is the balance of the Retained Earnings account? Thanks
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