The following balances appear on the books of Sarah Simon Enterprises: Retained Earnings, $ 26,100; Dividends, $
Question:
The following balances appear on the books of Sarah Simon Enterprises: Retained Earnings, $ 26,100; Dividends, $ 8,500; Service Revenue, $ 23,700; Salaries Expense, $ 6,100; Rent Expense, $ 4,000; Advertising Expense, $ 3,300. All ac-counts have normal balances.
Requirements
1. Open a T-account for each account and insert its adjusted balance as given (denote as Adj. Bal.) at December 31.
2. Post the closing entries to the accounts, denoting posted amounts as Clos.
3. Compute the ending balance of Retained Earnings.
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Requirements 1 and 2 Requirement 3 Ending balance of Retained Earnings 27900 Re...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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