Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings...
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Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $21,000; Dividends $3,500. Services Revenue $40,500; Salaries Expense $28,000; Rent Expense $6,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. Retained Earnings Adjusted Balance Ending Balance Adjusted Balance Ending Balance Income Summary Ending Balance 3500 Adjusted Balance Salaries Expense 21,000 Adjusted Balance Ending Balance 0 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance 1.5 Dividends Rent Expense Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $21,000; Dividends $3,500. Services Revenue $40,500; Salaries Expense $28,000; Rent Expense $6,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. Retained Earnings Adjusted Balance Ending Balance Adjusted Balance Ending Balance Income Summary Ending Balance 3500 Adjusted Balance Salaries Expense 21,000 Adjusted Balance Ending Balance 0 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance 1.5 Dividends Rent Expense
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SOLUTION 1 Post closing entries to each accounts Taccount Retained Earnings Debit Dividends 3500 Credit Income Summary 3500 Dividends Debit Income Sum... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
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