Homework Answers
a) Amount transferred in third closing entry
| Commission revenue | 50400 |
| Rent revenue | 5200 |
| Depreciation expense | -6100 |
| Utilities expense | -9200 |
| Supplies expense | -5100 |
| Net income | 35200 |
b) Balance in retained earnings = 21900-16000+35200 = 41100
c) Supplies expense = $0
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