Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance. Newbond LimitedAdjusted Trial Balance30 June 2020AccountDebitCredit$Accounts Payable8,600Accounts Receivable24,300Accumulated depreciation9,300Bank Loan15,000Cash23,800Depreciation expense4,500Dividends paid13,000Interest ExpenseMotor Vehicles2,80025,000Other income11,200Prepayments12,900Rent Expense18,000Retained Earnings – 1/7/1910,000Service Revenue170,000Share capitalSupplies20,0002,400Supplies expense500Utilities Expense14,900Wages Expense102,000Total244,100244,100

Closing entries are passed to close all those accounts which are temporary in nature and are opened…

Answered: Prepare closing entries(Narration not…

Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

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