Retained Earnings Statement Judy Flint owns and operates Derby Advertising Services. On January 1, 2018, Retained Earnings had a balance of $265,000. During the year, Judy invested an additional $58,300 in exchange for common stock and $34,500 in dividends were paid. For the year ended December 31, 2018, Derby Advertising Services reported a net income of $47,300 Prepare a retained earnings statement for the year ended December 31, 2018. Derby Advertising Services Retained Earnings Statement For the Year Ended December 31, 2018 Security Services Co. POST-CLOSING TRIAL BALANCE July 31, 2018 ACCOUNT TITLE CREDIT DEBIT 46,840.00 Cash 2 Accounts Receivable 125,640.00 Supplies 3,400.00 126,200.00 Equipment 5 Accumulated Depreciation-Equipment 32,400.00 6 Accounts Payable 53,200.00 Salaries Payable 6,800.00 Unearned Rent 10,000.00 9 Common Stock 40,000.00 10 Retained Earnings 159,680.00 Totals 467,760.00 136,400.00 Security Services Co. POST-CLOSING TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable Supplies Equipment 5 Accumulated Depreciation-Equipment 6 Accounts Payable 7 Salaries Payable Uneamed Rent . Common Stock 10 Retained Earnings 11 Totals Closing entries with net income Instructions Chart of Accounts Journal Final Question Instructions After all revenue and expense accounts have been closed at the end of the fiscal year. Income Summary has a debit of $744,400 and a credit of $943,300. At the same date, Retained Earnings has a credit balance of $1,447,000, and Dividends has a balance of $20,000 Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles B. Determine the amount of Retained Earnings at the end of the period losing entries with net income Instructions Chart of Accounts Journal Final Question Chart of Accounts ASSIS REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Travel Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Uneamed Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary A. Joumalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles PAGE 11 JOURNAL ACCOUNTING EQUATION POST IT CREDIT ASSETS LIABILITIES UITY DESCRIPTION Closing Entries Final Question B. Determine the amount of Retained Earnings at the end of the period. Instructions Labels and Amounts Descriptions Balance Sheet Instructions Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows: Accounts payable $51,200 Accounts receivable 187.500 166,000 Accumulated depreciation equipment Cash Common stock Equipment Land Prepaid insurance Prepaid rent 100,000 325,000 375,000 8.400 6,000 620,300 7,500 11,200 21,000 Retained earnings Salaries payable Supplies Uneamed fees Prepare a classified balance sheet that includes the correct balance for Cash Land must be entered as the first foxed asset Be sure to complete the statement heading. Refer to the Inentine and the Beatlahale andmund Paintine tha a i na nftat antrie Nanti aminte che ha indicator hamine ei o le near in antar engageW 2 Online teach x + tassignment/take AssignmentMain.doinvokerStakassignmentSession Locator Binprogress-false ebook Show Me How Calculator Print Hom Balance sheet Instructions Labels and Amounts Descriptions Balance Sheet Balance Sheet Dynamic Weight Loss Co Balance Sheet Label Check My Work All work saved Email Instructor Save an NOW 2 Online teach x + Assignment/takeAssignmentMain.doinvokerStakeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Balance sheet Instructions Labels and Amounts Descriptions Balance Sheet Balance Sheet Lilabilities 1 Label Stockholders' Equity Check My Work All work saved. Email Instructor Save and