Closing entries
Lotus Company’s accounting records show a $27,400 balance in its Retained Earnings account on January 1,2011. During the 2011 accounting cycle Lotus earned $15,200 of revenue, incurred $10,700 of expense, and paid $600 of dividends. Revenues and expenses were recognized evenly throughout the accounting period.
Required
a. Determine the after-closing balance in the Retained Earnings account as of December 31, 2010.
b. Determine the before-closing balance in the temporary accounts as of December 31, 2011.
c. Determine the after-closing balance in the Retained Earnings account as of December 31, 2011.
d. Determine the balance in the Retained Earnings account as of June 30, 2011.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.