Seminoles Corporations fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as
Question:
Seminoles Corporation’s fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.
Transcribed Image Text:
Accounts Debit Credit $30,000 50,000 6,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $3,000 15,000 6,000 3,000 11,000 5,000
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1 December 31 2015 Debit Credit Service Revenue 50000 Interest Revenue 6000 Retained Earnings 56...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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