Grand Rapids Consulting, Inc., began 2009 with a retained earnings balance of $38,100 and has the following
Question:
Grand Rapids Consulting, Inc., began 2009 with a retained earnings balance of $38,100 and has the following accounts and balances at year-end:
Sales Revenue ............$155,000
Salaries Expense ........... 83,000
Rent Expense ........... 15,000
Utilities Expense ........... 7,900
Office Supplies Expense ........ 4,200
Income Taxes Expense ....... 12,300
Dividends (declared and paid) .... 16,400
Required:
1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2009.
2. Prepare Grand Rapids Consulting’s statement of retained earnings for 2009.
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1 Closing entries Date Account and Explanation Debit Credit Dec 31 Sales Re...View the full answer
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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