Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance...
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Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Credit $19,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense Debit $1,900 13,900 4,900 1,900 9,900 3,900 39,000 4,900 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Credit $19,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense Debit $1,900 13,900 4,900 1,900 9,900 3,900 39,000 4,900 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.
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Answer rating: 100% (QA)
To prepare the necessary closing entries we need to close the temporary accounts revenue expense and dividend accounts to the Retained Earnings accoun... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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