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The following balances appear on the books of Brett Kaufman Enterprises: Retained Earnings, $ 24,100, Dividends, $ 7,200; Income Summary, $0; Service Revenue, $ 21,900;
The following balances appear on the books of Brett Kaufman Enterprises: Retained Earnings, $ 24,100, Dividends, $ 7,200; Income Summary, $0; Service Revenue, $ 21,900; Salaries Expense, $ 7,100 Rent Expense $4,000; and Advertising Expense, $2,000.
All accounts have normal balances.
The following balances appear on the books of Brett Kaufman Enterprises: Rolained Earnings, $24,100; Dividends, $7,200; Income Summary $0; Service Revenue, 521,900; Salaries Expense, $7,100; Rent Expense $4,000; and Advertising Expense, S2,000. All accounts have normal balances. Read the requirements First, with the exception of the Income Summary account, enter the adjusted balance, along with an "Adj. Bal." posting reference, for each account as given. Post all closing entries to the accounts, using 'Clos." as the posting references. Calculate and enter the post-closing balance ("Bal.") of each account, including the ending balance of Retained Eamlings. For any accounts with a zero balance after closing, enter a "a" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account. Retained Earnings Service Revenue Dividende Salaries Expense i Requirements Income Summary Rent Expense 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal) at December 31. Post the closing entries to the accounts, denoting posted amounts as Clos. 3. Compute the ending balance Retained Earnings. Print Done Advertising Expense Choose from any list or enter any number in the input fields and then continue to the nextStep by Step Solution
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