The following selected accounts and balances appear on the adjusted trial balance for Waverly, Inc., on July
Question:
The following selected accounts and balances appear on the adjusted trial balance for
Waverly, Inc., on July 31, 2016:
Service Revenue ................................... $1,800
Rent Expense .......................................... 650
Salaries Expense .................................................. 575
Dividends ............................................. 300
Common Stock ..................................... 25,000
Retained Earnings .................................. 4,100
1. What is the net income or net loss?
2. What is the change in Retained Earnings?
3. Journalize the closing entries required?
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1 Net income 575 1800 service revenue 1225 total expenses 2 Change in Retained ea...View the full answer
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