Homework Answers
30.
Retained earnings, beginning = $13,000
Total revenues = $18,000
Total expenses = $6,000
Dividends = $4,000
Net income = Total revenues - total expenses
= 18,000-6,000
= $12,000
Retained earnings, ending = Retained earnings, beginning+ Net income - Dividends
= 13,000+12,000-4,000
= $21,000
Retained earnings at the end of the accounting period on 12/31 is $21,000.
31.
Purchases = $1,500
On 8/15, the following journal entry will be made when payment is made to Whole fruits:
| Date | General Journal | Debit | Credit |
| 8/15 | Accounts payable- Whole fruits | $1,500 | |
| Cash | $1,500 | ||
| ( To record payment made to Whole fruits) |
Kindly comment if you need further assistance. Thanks‼!
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