Homework Answers
Correct balance of retained earnings in balance sheet = $35030 i.e. $17620 + 17410 (Net Income)
b.
| Account Titles | Debit | Credit |
| Subscription Revenue | $ 188,300 | |
| Advertising Revenue | $ 55,400 | |
| Retained Earnings | $ 243,700 | |
| (To close revenue accounts) | ||
| Retained Earnings | $ 226,290 | |
| Salaries Expense | $ 120,230 | |
| Printing and Mailing Expense | $ 85,600 | |
| Rent Expense | $ 5,400 | |
| Supplies Expense | $ 6,100 | |
| Insurance Expense | $ 1,860 | |
| Depreciation Expense | $ 5,500 | |
| Income Tax Expense | $ 1,600 | |
| (To close expense accounts) |
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