Question

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 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 $ e To close the revenue account Dec.31 Rent Expense Salaries Expense Supplies Expense To close the expense accounts Dec.31 To close dividends account Balance in Retained Earnings at December 31 $

The second photo shows the options for the multiple choice section which is the boxes with arrows going up and down. Thanks!

Answer 1

General Journal
Date	Description	Debit	Credit
Dec. 31	Service Fess earned	$ 91,000
	Retained earnings		$ 91,000
	[To close the revenue account]
Dec. 31	Retained earnings	$ 90,100
	Rent expense		$ 20,800
	Salaries expense		$ 52,000
	Supplies expense		$ 6,000
	Depreciation expense		$ 11,300
	[To close the expense accounts]
Dec. 31	Retained earnings	$ 10,000
	Dividends		$ 10,000
	[To close dividend account]

Balance in Retained earnings at December 31

$ 82,900

Calculations:

Retained earnings, beginning	$ 72,000
Add: Net income [91000-90100]	$ 900
Add: Dividends	$ 10,000
Retained earnings, Ending	$ 82,900