The adjusted trial balance of Business Reduction Systems at March 31, 2016, follows: Requirements 1. Journalize the
Question:
Requirements
1. Journalize the required closing entries at March 31, 2016.
2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
3. How much was Business Reduction€™s net income or net loss?
Transcribed Image Text:
BUSINESS REDUCTION SYSTEMS Adjusted Trial Balance March 31, 2016 Balance Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total 4,100 13,800 31,300 6,100 42,200 $ 13,100 9,000 500 8,000 14,000 100 40,000 234,000 1,500 1,900 93,600 27,600 14,600 2,000 $ 278,700 S 278,700
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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