Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and has the following

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Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and has the following accounts and balances at year end:

Sales Revenue Supplies Expense Income Taxes Expense Dividends (declared and paid) $ 4,348 13,800 $162,820 91,660 Salarie

Required:
1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019.
2. Prepare Grand Rapids Consulting's retained earnings statement for 2019.

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Cornerstones of Financial Accounting

ISBN: 978-1337690898

4th edition

Authors: Jay Rich, Jeff Jones

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Question Posted: Dec 11, 2017 08:06 AM

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Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and has the following

Question:

Sales Revenue Supplies Expense Income Taxes Expense Dividends (declared and paid) $ 4,348 13,800 $162,820 91,660 Salaries Expense Rent Expense 8,400 Utilities Expense 8,415

Step by Step Answer:

1 Date Account Explanation Debit Credit 2019 Closing Entries 216000 Dec ...View the full answer

Cornerstones of Financial Accounting

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