Homework Answers
Answer:
| Service revenue | |||
| Nov 30 Bal. | $129,900 | ||
| Nov 30 CE 1 | $129,900 | ||
| Nov 30 Bal. | 0 | ||
| Salaries Expense | |||
| Nov 30 Bal. | 82,800 | ||
| Nov 30 CE 2 | 82,800 | ||
| Nov 30 Bal. | 0 | ||
| Supplies Expense | |||
| Nov 30 Bal. | 6,400 | ||
| Nov 30 CE 2 | 6,400 | ||
| Nov 30 Bal. | 0 | ||
| Utilities expense | |||
| Nov 30 Bal. | 2,900 | ||
| Nov 30 CE 2 | 2,900 | ||
| Nov 30 Bal. | 0 | ||
| Repairs and Maintenance Expense | |||
| Nov 30 Bal. | 15,800 | ||
| Nov 30 CE 2 | 15,800 | ||
| Nov 30 Bal. | 0 | ||
| Income Tax Expense | |||
| Nov 30 Bal. | 5,900 | ||
| Nov 30 CE 2 | 5,900 | ||
| Nov 30 Bal. | 0 | ||
| Dividends Declared | |||
| Nov 30 Bal. | 10,700 | ||
| Nov 30 CE 4 | 10,700 | ||
| Nov 30 Bal. | 0 | ||
| Income Summary | |||
| Nov 30 CE 2 | 113,800 | Nov 30 CE 1 | $129,900 |
| Nov 30 CE 3 | 16,100 | ||
| Nov 30 Bal. | 0 | ||
| Retained earnings | |||
| Nov 30 Bal. | 50,300 | ||
| Nov 30 CE 4 | 10,700 | Nov 30 CE 3 | 16,100 |
| Nov 30 Bal. | 55,700 | ||
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$5,700. The statement of changes in equity shows an opening balance
for Retained Earnings of $50,000 and Dividends Declared
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(c) Your answer is partially correct. Try again. Using T accounts, post the closing entries, and determine the ending balances. (CE means closing entry.)...
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