Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,780, Salaries and Wages Expense $9.760, Maintenance and Repairs
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,780, Salaries and Wages Expense $9.760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360. Debit Credit Date Account Titles and Explanation Service Revenue 19780 July 31 19780 Income Summary (To close revenue account) Income Summary July 31 Salaries and Wages Expense Maintenance and Repairs Expense Income Tax Expense (To close expense accounts) Income Summary July 31 Retained Earnings (To close net income/(loss) to retained earnings) Retained Earnings July 31 Dividends (To close dividends to retained earnings) What is the ending balance in Retained Earnings? Ending balance in 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