Seminoles Corporation?s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as
Question:
Seminoles Corporation?s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.
Required:1. Prepare the necessary closing entries.2. Calculate the ending balance of Retained Earnings.
Transcribed Image Text:
Accounts Debit Credit Retained Earnings $30,000 $ 3,000 Dividends Service Revenue 50,000 Interest Revenue 6,000 Salaries Expense 15,000 Rent Expense 6,000 Advertising Expense 3,000 Depreciation Expense 11,000 Interest Expense 5,000
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Requirement 1 December 31 2021 Debit Credit Service Revenue 50000 Interest Revenue 60...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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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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