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Randy's Services provides general home repairs to customers. The company's fiscal year-end is December 31. The December 31, 2021, adjusted trial balance appears below. Adjusted

  1. Randy's Services provides general home repairs to customers. The company's fiscal year-end is December 31. The December 31, 2021, adjusted trial balance appears below.

Adjusted Trial Balance

Account Title

Debit

Credit

Cash

$18,100

Accounts Receivable

16,200

Supplies

3,000

Prepaid Insurance

3,750

Equipment

95,000

Accumulated Depreciation

$40,800

Accounts Payable

10,500

Salaries Payable

4,200

Utilities Payable

1,900

Interest Payable

2,000

Notes Payable

40,000

Common Stock

24,000

Retained Earnings

10,500

Dividends

2,500

Service Revenue

224,900

Salaries Expense

162,700

Depreciation Expense

13,600

Insurance Expense

11,250

Supplies Expense

17,400

Utilities Expense

13,300

Interest Expense

2,000

Total

$358,800

$358,800

Required:

Complete the following steps:

  1. Record closing entries.
  2. Calculate account balances of retained earnings after closing entries are made.

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