I don't know the two questions I got wrong or how to do it.
Retained earnings at December 31 = Retained earnings at January 1 + Net Income - Cash Dividend
Net Income = Revenue - Expense
= 94,900 - 65,100
Net Income = $29,800
Retained earnings at December 31 = $57,800 + $29,800 - $15,100
Retained earnings at December 31 = $72,500
I don't know the two questions I got wrong or how to do it. QUESTION5 Partially...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal Date Description...
I dont know how to do part C and im not sure if part b is correct Business Course * Return to course Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,300 Rent Expense $20,800 Salaries Expense 45,700 Supplies Expense 5,600 Depreciation Expense 10,200 Retained Earnings 67,000 Dividends 9,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Debit Dec.31 To close...
The second photo shows the options for the multiple choice section which is the boxes with arrows going up and down. Thanks! È Business Course Return to course Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $91,000 Rent Expense $20,800 Salaries Expense 52,000 Supplies Expense 6,000 Depreciation Expense 11,300 Retained Earnings 72,000 Dividends 10,000 Prepare journal entries to close...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit $91,000 Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $20,800 52,000 6,000 11,300 72,000 10,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Debit Credit Date Dec.31 0...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
I don't know how to find income summary and ending retained earning The adjusted trial balance for Montague Contracting as of December 31, 2018, follows The December 31, 2017, credit balance of the Retained Earnings account was $125,400. Montague Contracting is required to make a $8,000 payment on its long-term notes payable during 2019. Required: 1. Prepare the necessary closing entries at December 31, 2018. The adjusted trial balance for Montague Contracting as of December 31, 2018, follo No. Credit...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Date Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016...
I have try to figure out how to do this but I do not know how? Required information The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions...