Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Tippy Corporation is provided below.

Instructions 

a. Prepare closing entries 

b. Determine the post-closing balance in Retained Earnings.

Transcribed Image Text:

Credit Debit $ 72,600 Accounts Receivable Dividends 26,300 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue 13,200 212,800 91,100 $ 53,000 114,800 22,900 183,800 Service Revenue Rent Revenue 6,200 Rent Expense Retained Earnings Supplies Expense 3,600 61,800 1,400