Homework Answers
| Retained Earnings | |||
| 27000 | Bal. | ||
| Clos. | 16000 | 11000 | Clos. |
| 22000 | Bal. | ||
Net income = Service revenues - Expenses = $33000 - $22000 = $11000
Closing balance of Retained Earnings after the closing entries are recorded and posted is $22,000.
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Using the following information, I need help posting the closing
entries to the T-accounts (using "clos." and the correspondjng
number as shown in the journal entry as posting references) as well
as preparing a post-closing trial balance.
L16750 70 39,60 E 39,6 Less: (360) Acum, Depri. Truck (361) Total Plant assets 39, 400 E R _362) Total Assets Liabilities (363) Current liabilities (384) salaries pagable (365) Uncned revenue (386) total liabilities Stockholders' Equity (367) Commons to 25100 (368) Rtained earnings...
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