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Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Flounder Corp. is provided below. Debit Credit Accounts Receivable
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Flounder Corp. is provided below. Debit Credit Accounts Receivable $81,310 Dividends 29.460 Depreciation Expense 14,780. Equipment 238,340 Salaries and Wages Expense 102,030 Accounts Payable $59,360 Accumulated Depreciation-Equipment Unearned Rent Revenue 128,580 25,650 Service Revenue 205,860 Rent Revenue 6,940 Rent Expense 4,030 Retained Earnings 69,220 Supplies Expense 1.570 Date Account Titles and Explanation Dec. 31 Service Revenue Dec. 31 Rent Revenue Unearned Service Revenue (To close revenue account) Depreciation Expense Salaries and Wages Expense Rent Expense Supplies Expense. Income Summary (To close expense accounts) Dec. 31 Income Summary Debit 205860 6940 122410 69220 Credit 25650 14780 102030 4030 1570 Retained Earnings (To close net income to retained earnings) Dec. 31 Dividends Retained Earnings (To close dividends to retained earnings) eTextbook and Media List of Accounts 29460 69220 29460 Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings
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