i am struggling with recording two closing entries in my review
packet.Homework Answers
1) Closing entries
| Date | account and explanation | Debit | Credit |
| Sales revenue | 9000 | ||
| Interest income | 1000 | ||
| Wages expense | 6400 | ||
| Selling expense | 500 | ||
| Interest expense | 1700 | ||
| Retained earnings | 1400 | ||
| (To close revenue and expense) | |||
| Retained earnings | 1000 | ||
| Dividend | 1000 | ||
| (To close dividend) |
2) Ending balance of retained earnings = Beginning balance of retained earnings+Net income-Dividend
= 8900+1400-1000
Ending balance of retained earnings = 9300
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i am struggling with recording two closing entries in my review
packet.
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midterm review packet. i am struggling to form an income statement
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Below are the account balances for Hydrangea Incas of December 31, 2019 after adjusting entries. The accounts are listed in alphabetical order. There was no new investment by stockholders' during the year. Prepare financial statements for Hydrangea, Inc, on the templates on the following pages. o Single-Step Income Statement • Statement...
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I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense...
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I need to prepare a post closing trial balance but my
debits and credits are not equalling out.
I obtained my retained earnings by closing out service
revenue & expenses to my income summary and then closing out
income summary and dividends to retained earnings.
Matt's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 16,500 Accounts Receivable 2,600 Office Supplies 950 Prepaid Insurance 2.900 Land 25,000 Building 155.000 Accumulated Depreciation-Building 6,500 Fouipment 42.000 Print...
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