Question

INI S3-15 (book/static) Question Help Robin Sporting Goods Company reported the following doly 31, 2018, with amounts in thousands Click the icon to view the court blanc) Click the icon to view the statement of retained camins. Click the loon to view the balance sheet.) Make the company's dorg entries at wy 31, 2018. Then set up a Taccount for Retained Earrings and post to that account. Compare Retained Eminenting balance to the amount reported on Robinis statement of retained canings and balance sheet. What do you find? De Tube Make the company'e donirgertries July 31, 2018 Recordifrut, the credit Potahovito Une only the contramos provided in the Begin by making the desing entry for revente at July 31, 2018 Journal Entry Accounts Debit Ju 31 Robin Sporting Goods Company Balance the Data Table Crede Thunde Rebis Sporting Goods Company Statement of Retained aming Year Ended July 3, 2018 Das Table Account 50.000 14.000 30.000 5.000 Rwandaming Jy 31, 2017 25.300 Oturan Add Neline 50.700 Reding, uy 31, 2018 July 31, 2017 136.000 50.000 Property and count, not Done Nut revenues Os 31.500 Oost of goods 34.000 Cash 191.000 Property and enkel 50000 Common 28.000 6.000 Long termas 30.000 Duidende 74.400 19.00 20.000 36.000 11.700 Alors Total current 30.000 Others Check Answer 1.700

Answer 1

Account Titles	Debit	Credit
Net Revenues	$      191,000
Retained Earnings		$      191,000
(To close revenue accounts)
Retained Earnings	$      165,800
Cost of Goods Sold		$      136,800
All Other Expenses		$        29,000
(To close expense accounts)

Retained Earnings
		$           31,500	Beg Bal
Expenses	$         165,800	$         191,000	Revenues
		$           56,700	End Bal

Ending Balance in Retained Earnings Account tallies with Statement of Retained Earnings

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