A listing of account balances taken from the adjusted ledger account balances of Contemporary Literature Enterprises shows
Question:
All revenue and expense accounts have been closed to Retained Earnings. Dividends has not yet been closed.
1. Prepare the closing entry for Dividends.
2. Prepare a post-closing trial balance for December 31,2012.
Transcribed Image Text:
S 63,710 Accounts Receivable154,230 196,800 10,070 234,000 Salaries Payable Taxes Payable.. Unearned Rent Mortgage Payable190,500 S 27,100 36,990 18,400 Prepaid Insurance Accounts Payable Notes Payable , Capital Stock. 68,540 Dividends 130,000 55,000 150,280 92,000 Retained Earnings
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1 Retained Earnings 55000 Dividends 55000 2 Contemporary Literature Enterprises PostClosing ...View the full answer
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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