Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The ledger of Flint Company contains the following balances: Retained Earnings $28,500, Dividends $2,500, Service Revenue $51,000, Salaries and Wages Expense $25,500, and Supplies Expense
The ledger of Flint Company contains the following balances: Retained Earnings $28,500, Dividends $2,500, Service Revenue $51,000, Salaries and Wages Expense $25,500, and Supplies Expense $7,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts. Salaries and Wages Expense (2) 25,500 Supplies Expense (2) 7,500 Service Revenue (1) 51,000 Dividends Income Summary (3) 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