Prepare the closing entries from the following selected accounts from the records of Wolf Enterprises at December

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Prepare the closing entries from the following selected accounts from the records of Wolf Enterprises at December 31, 2016:

How much net income did Wolf Enterprises earn during 2016? Prepare a T-account for Retained Earnings to show to show the December 31, 2016, balance of Retained Earnings.

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Journal DATE ACCOUNT TITLES DEBIT CREDIT Closing Entries Dec 31 Service Revenue 32100 Other R...View the full answer

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Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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Question Posted: Aug 01, 2016 01:30 PM

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Prepare the closing entries from the following selected accounts from the records of Wolf Enterprises at December

Question:

4,600 200 300 300 700 Accumulated depreciation. 40,800 Depreciation expense. Selling, general, and Other revenue .. administrative expenses..6,300 Dividends declared.. Retained earnings, Income tax expense... December 31, 2015. 2,400 Income tax payable

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Journal DATE ACCOUNT TITLES DEBIT CREDIT Closing Entries Dec 31 Service Revenue 32100 Other R...View the full answer

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