Prepare the closing entries from the following selected accounts from the records of North Pole Enterprises at
Question:
Prepare the closing entries from the following selected accounts from the records of North Pole Enterprises at December 31, 2021:
How much net income did North Pole Enterprises earn during 2021? Prepare a T-account for Retained Earnings to show the December 31, 2021, balance of Retained Earnings.
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Cost of services sold............ $14,800 Accumulated depreciation... 41,100 Selling, general, and administrative expenses.... Retained earnings, December 31, 2020...... 6,200 2,000 Service revenue.. Depreciation expense Other revenue Dividends declared........ Income tax expense Income tax payable. $32,200 4,100 1,000 500 900 600
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Net income for 2021 was 7200 33200 26000 DATE Journal ACCOUNT TITLES Clo...View the full answer
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