Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit...
Refer to the following adjusted trial balance after the first year of operations.
|
Accounts |
Debit |
Credit |
|
Cash |
$ 1,600 |
|
|
Accounts Receivable |
8,200 |
|
|
Office Supplies |
500500 |
|
|
Equipment |
19,600 |
|
| Accumulated
Depreciation - Equipment |
$ $2,000 |
|
|
Accounts Payable |
1,700 |
|
|
Salaries Payable |
800 |
|
|
Unearned Revenue |
500500 |
|
|
Common Stock |
3,900 |
|
|
Dividends |
3,000 |
|
|
Service Revenue |
49,100 |
|
|
Salaries Expense |
21,000 |
|
|
Supplies Expense |
2,400 |
|
| Depreciation
Expense— Equipment |
1,700 |
|
|
Total |
$58,000 |
$58,000 |
What will the balance of the Retained Earnings account be after the closing entries are posted?
A. $27,900
B. $24,000
C. $21,000
D. $ 27,000
Homework Answers
| Service Revenue | 49100 |
| Less: Expenses | |
| Salaries Expense | 21000 |
| Supplies Expense | 2400 |
| Depreciation Expense— Equipment | 1700 |
| Total expenses | 25100 |
| Net income | 24000 |
| Net income | 24000 |
| Less: Dividends | 3000 |
| Balance of the Retained Earnings | 21000 |
| Option C $21,000 is correct |
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