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Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable

The president of Powell Company has asked you to close the books (prepare and process the closing entries). Required: After t

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Answer #1

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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