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The following financial Information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31,
The following financial Information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained Earnings 1/1/Year 2 Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 28,8ee 7,150 19,900 40,5ee 4,900 2,719 3,800 7,700 18,100 33,200 72, 280 418 2,080 21,800 6,97 13,100 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? Journal entry worksheet Journal entry worksheet Required A Required B What is the balance in the Retained Earnings account after the closing entries are posted? Retained Earnings, Year 2 Beginning retained earnings Ending retained earnings
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