Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Pronghorn Corp is provided below. Debit Credit Accounts Receivable $76,960
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Pronghorn Corp is provided below. Debit Credit Accounts Receivable $76,960 Dividends 27,880 Depreciation Expense 13,990 Equipment 225,570 Salaries and Wages Expense 96,570 Accounts Payable $56,180 Accumulated Depreciation-Equipment Unearned Rent Revenue 121,690 24,270 Service Revenue 194,830 Rent Revenue 6,570 Rent Expense 3,820 Retained Earnings 65,510 Supplies Expense 1,480 Date Account Titles and Explanation Debit Dec. 31 Service Revenue Rent Revenue Income Summary (To close revenue account) Dec. 31 Income Summary Depreciation Expense Salaries and Wages Expense Rent Expense Supplies Expense (To close expense accounts) Dec. 31 Income Summary 194830 Credit 6570 115860 85540 201400 13990 96570 3820 1480 Dec. 31 Depreciation Expense Salaries and Wages Expense Rent Expense Supplies Expense (To close expense accounts) Income Summary Retained Earnings (To close net income to retained earnings) ec. 31 Retained Earnings Dividends (To close dividends to retained earnings) 85540 27880 13990 96570 3820 1480. 85540 27880 Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started