How is revenue related to retained earnings?
Answer to relevant QuestionsWhat is a “normal balance”? What are normal balances for the following accounts? a. Accounts Receivable b. Prepaid Expenses c. Notes Payable d. Retained Earnings e. Salaries Expense After operating for a month Shohei Oda’s DJ services completed the following transactions during July: Jul 3 The business borrowed $25,000 from the bank, signing a note payable. 9 Performed DJ service for clients on ...Kwik Klean, Inc.’s trial balance shows $96,000 on both debit and credit sides. Kwik Klean’s accountant found the following mistakes: 1. Purchase of supplies $2,000 on account was incorrectly recorded as supplies ...Julie Palmer has trouble keeping her debits and credits equal. During a recent month, Julie made the following errors: a. Julie recorded a $750 payment of rent by debiting Rent Expense for $75 and crediting Cash for $75. b. ...Meo Consulting, Inc. completed the following transactions during February 2013, its first month of operations: Feb 2 Sold 6,500 shares for $65,000 to DaPing Meo to start the consulting practice. 3 Paid monthly office rent, ...
Post your question