Question
Retained Earnings $30,000 Cash $21,000 Service Revenue $18,000 Utilities Expense $4,000 Merchandise Revenue $5,000 Accounts Receivable $6,000 Unearned Revenue $3,000 Accounts Payable $2,000 Salaries Expense
| Retained Earnings | $30,000 |
| Cash | $21,000 |
| Service Revenue | $18,000 |
| Utilities Expense | $4,000 |
| Merchandise Revenue | $5,000 |
| Accounts Receivable | $6,000 |
| Unearned Revenue | $3,000 |
| Accounts Payable | $2,000 |
| Salaries Expense | $10,000 |
| Dividends | $1,000 |
Given the above chart: 1. Write out the closing entries AND 2. State the NEW Ending Retained Earnings Balance.
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Financial Accounting Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
1111464936, 978-1111464936
