Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries

image text in transcribed

Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings Service revenue Salaries expense Rent expense Interest experse Dividends $325,000 741,000 395,000 27,000 5,000 200,000 Prepare the closing entries. 34. S In preparing the closing entries for the temporary accounts, how much should Retained earrings be credited? 35. S In preparing the closing entries for the temporary accounts, how much should Retained earrings be debited? 36. S After closing the accounts, what is the encing balance in Retained Earnings? Use the following for questions 37-39 T Corp has provided their accounts in alphabetical order. Use these accounts to answer the following questions. Accounts payable $24,000 Accounts Receivable 39,000 Accumulated depreciation 75,000 Cash 32,000 Common stock 500,000 Depreciation expense 25,000 Dividends 45,000 Equipment 985,000 Deferred revenue 10,000 Notes payable 175,000 Rent expense 24,000 Retained earnings 173,000 Salaries expense 600,000 Service revenue 800.000 Supplies 1.000 Supplies expense 6,000 37.5 Total current assets 38. S Book value of the equipment 39.5 Net income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fire Extinguisher Log Book

Authors: Arahan Khan

1st Edition

B09TZKR5Z4, 979-8428924282

More Books

Students also viewed these Accounting questions

Question

What are control limits, and how are they set?

Answered: 1 week ago