Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required
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Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books:
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Adjusted Trial Balance Debit $ 20,000 Dividends Service Revenue Advertising Expense Rent Expense Utilities Expense Wages Expense 18,000 30,000 6,600 148,000 Credit $225,000
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Closing Service Revenue to Retained Earnings Debit Retained Earnings for 225000 Credit ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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