adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable $70,000 Other Expenses $135,400 Accumulated Amortization 14,000 Retained Earnings 68,400 Amortization Expense 40,800 Salaries Expense 255,000 Cash 98,000 Salaries Payable 3,400 Common Shares 50,000 Service Revenue 536,000 Computers & Equipment 74,800 Supplies 5,600 Interest Expense 18,800 Unearned Revenue 5,400 Interest Revenue 5,800 Required: 1. Prepare the appropriate closing entries for the December 31 year-end. 2. What is the balance in the Retained Earnings account after the closing entries have been completed?
adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable $70,000 Other Expenses $135,400 Accumulated Amortization 14,000 Retained Earnings 68,400 Amortization Expense 40,800 Salaries Expense 255,000 Cash 98,000 Salaries Payable 3,400 Common Shares 50,000 Service Revenue 536,000 Computers & Equipment 74,800 Supplies 5,600 Interest Expense 18,800 Unearned Revenue 5,400 Interest Revenue 5,800 Required: 1. Prepare the appropriate closing entries for the December 31 year-end. 2. What is the balance in the Retained Earnings account after the closing entries have been completed?
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...
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14.
Adzam Incorporated's new accounting intern prepared their adjusted
Accounts Receivable |
$70,000 |
|
Other Expenses |
$135,400 |
Accumulated Amortization |
14,000 |
|
Retained Earnings |
68,400 |
Amortization Expense |
40,800 |
|
Salaries Expense |
255,000 |
Cash |
98,000 |
|
Salaries Payable |
3,400 |
Common Shares |
50,000 |
|
Service Revenue |
536,000 |
Computers & Equipment |
74,800 |
|
Supplies |
5,600 |
Interest Expense |
18,800 |
|
Unearned Revenue |
5,400 |
Interest Revenue |
5,800 |
|
|
|
Required:
1. Prepare the appropriate closing entries for the December 31 year-end.
2. What is the balance in the Retained Earnings account after the closing entries have been completed?
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