Below is a list of accounts with corresponding ending balances. (1) Prepare all entries necessary to close
Question:
(1) Prepare all entries necessary to close those accounts that should be closed at the end of the year.
(2) Compute the ending balance in the retained earningsaccount.
Transcribed Image Text:
Account Account Balance Account Account Balance a. Inventory b. Dividends c. Sales Revenue d. Wages Expense e. Cash $1,800 900 7,900 5,100 1,900 f. Cost of Goods Sold 3,200 800 g. Rent Revenue h. Retained Earnings beginning) 1,300
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1 Sales Revenue 7900 Rent Revenue 800 Retained Earnings 8700 ...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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