Given the following adjusted trial balance, record the appropriate closing entries. What is net income for theyear?
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Given the following adjusted trial balance, record the appropriate closing entries. What is net income for theyear?
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Brett's Bait & Tackle, Inc. Adjusted Trial Balance June 30, 2011 Debit Credit Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciat Land Accounts payable Notes payable Interest payable Common stock Retained earnings Dividends Sales Cost of goods sold Depreciation expense Salary expense Totals Retained earnings at July 1, 2010. (No accounts have been closed.) $13,000 20,000 28,000 21,500 20,000 ion $ 9,000 64,000 23,000 25,000 2,000 51,000 29,500a 4,000 94,000 45,000 3,000 15,000 $233,500 $233,500
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Net income 31000 sales 94000 Cost of goods sold 45000 D...View the full answer
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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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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