Question

closing entery for the Ratained earning!

Chapter 3 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 16 Required information Part 1 ors Beg Bal Beg Bal Retained Earnings OC 9,000 2.000 8,4003 15.400 0 0 Dividers 2,000 0 0 0 0 2,000 OOO 0.62 points End Bal End, Bal Beg Bal Service Revenue 00 220.000 0 220.000 0 0 Beg Bat ADU. Salaries Expense 153,000 0 3.000 00 0 156,000 0 End. Bal End Bal Beg Bal ADU.a Depreciation Expense 0 0,000 D 0 9.000 Beg Bal ADJ. Insurance Expense 0 0 15.000 0 00 15.000 0 End, Bal End. Bal Beg Ba Supplies Expense 00 0 18.000 00 0 18,000 0 Beg Bal ADU. ADU Utilities Expense 11.000 0 1.700 00 00 12.700 O End End Bal BB ADU 10 Interest Expense 00 0 900 0 09 900 0 End I Prey 16 20 420 3 Next >

Answer 1

Closing Entry for Retained Earnings At the End of Year, All the Revenues and Expenses shall be closed to Income Summary (or) Retained Earnings. So, the Following Entries shall be passed. Credit Particulars Service Revenue Retained Earnings Debit 220,000 $ $ 220,000 $ 211,600 Retained Earnings Depreciation Expense Supplies Expense Interest Expense Salaries Expense Insurance Expense Utilities Expense $ $ $ $ $ $ 9,000 18,000 900 156,000 15,000 12,700 After passing this Entries, the following effect with be available : Particulars Debit Credit Beg. Balance $ $ 9,000 $ 2,000 $ 220,000 $ 211,600 Ending Balance $ 15,400