Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Pronghorn Corp is provided below.

Prepare Closing Entries

Determine the post-closing balance in Retained Earnings.

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Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense Debit $76,960 27,880 13,990 225,570 96,570 3,820 1,480 Credit $56,180 121,690 24,270 194,830 6,570 65,510 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense Debit $76,960 27,880 13,990 225,570 96,570 3,820 1,480 Credit $56,180 121,690 24,270 194,830 6,570 65,510

Answer rating: 100% (QA)

Closing entries are journal entries passed at year end to close temporary accounts a... View the full answer