The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow: Requirements 1.

Question:

The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow:

Cost of goods sold 62,000 Sales revenuc 14,000 Opcrating expenses 1,800 Retained carnings $ 125,000 44,000 24,000 Divide

Requirements
1. Journalize the required closing entries for the year.
2. What is the balance in Retained earnings after the closing entries areposted?

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 05:19 AM

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The data for Amanda's Tax Service, Inc., for the year ended August 31, 2012, follow: Requirements 1.

Question:

Cost of goods sold 62,000 Sales revenuc 14,000 Opcrating expenses 1,800 Retained carnings $ 125,000 44,000 24,000 Dividends Interest revenue

Step by Step Answer:

Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBIT CREDIT Dec 31 Sales revenue ...View the full answer

Financial and Managerial Accounting

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