Refer to the following adjusted trial balance after the first year of operations. AccountsDebitCreditCash$1,800 Accounts Receivable8,400 Office Supplies200 Equipment26,500 AccumulatedDepreciation—Equipment $2,000Accounts Payable 1,800Salaries Payable 850Unearned Revenue 400Common Stock 3,300Dividends3,000 Service Revenue 55,650Salaries Expense20,000 Supplies Expense2,400 DepreciationExpense—Equipment1,700 Total$64,000$64,000 What will the balance of the Retained Earnings account be after the closing entries are posted? A.$34,850 B.$31,550 C.$28,550 D.$34,550

Formula: Net Income = Total Revenues - Total Expenses.

Answered: Refer to the following adjusted trial…

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 15PB: Prepare an adjusted trial balance from the following account information, considering the adjustment...

Related questions

Question

Refer to the following adjusted trial balance after the first year of operations.

Accounts	Debit	Credit
Cash	$1,800
Accounts Receivable	8,400
Office Supplies	200
Equipment	26,500
Accumulated Depreciation— Equipment		$2,000
Accounts Payable		1,800
Salaries Payable		850
Unearned Revenue		400
Common Stock		3,300
Dividends	3,000
Service Revenue		55,650
Salaries Expense	20,000
Supplies Expense	2,400
Depreciation Expense— Equipment	1,700
Total	$64,000	$64,000