Question

The following balances appear on the books of Sarah Simon Enterprises: Retained Earnings, $ 26,100; Dividends, $ 8,500; Service Revenue, $ 23,700; Salaries Expense, $ 6,100; Rent Expense, $ 4,000; Advertising Expense, $ 3,300. All ac-counts have normal balances.

Requirements
1. Open a T-account for each account and insert its adjusted balance as given (denote as Adj. Bal.) at December 31.
2. Post the closing entries to the accounts, denoting posted amounts as Clos.
3. Compute the ending balance of Retained Earnings.



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  • CreatedJanuary 16, 2015
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