The following adjusted trial balance is the result of the adjustments made at the end of...

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The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Martin Corpor

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Answer 1

Answer #1

Journal

March 31	Service revenue	36,500
	Income summary		36,500
March 31	Income summary	36,500
	Wages expense		6,425
	Office supplies expense		1,465
	Store supplies expense		5,150
	Depreciation expense		1,575
March 31	Income summary	21,885
	Retained earnings		21,885
March 31	Dividends	6,250
	Retained earnings		6,250

Net income = Service revenue - Rent expense - Wages expense - Office supplies expense - Store supplies expense - Depreciation expense

= 36,500 - 6,425 - 1,465 - 5,150 - 1,575

= $21,885

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Answer 2

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