Question

sheet, but railed to take into accounr three aajusting enties. The bainice she s On December 31, 2017, Crane Company prepared
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Riverbed Corp. is provided be
LUIL Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income to retained earnings
Retained Earnings
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Answer #1
Net Income Total Assets Total Liabilities Stockholders equity
Incorrect Balances                    72,800             1,56,000                   72,800                         83,200
Effects of:-
Salaries & Wages (10400)                        -                            -   (10400)
Rent Revenue                      4,160                        -                            -                             4,160
Depreciation (9360) (9360) (9360) (9360)
Correct Balance                    57,200             1,46,640                   63,440                         67,600

Adjustment entries

Adjustment Entries
Debit Credit
Salaries & wages 10400 0
Salaries & Wages Payable 0 10400
Rent Revenue 0 4160
Unbilled Revenue 4160
Depreciation 9360
Equipment 9360
23920 23920
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