Question: 4. It is December 31st, which means it is time for you to close the books on the year. Refer to the balances information in


4. It is December 31st, which means it is time for you to close the books on the year. Refer to the balances information in the table below to answer the following questions listed under the table. Cedrick Owens Enterprises Dividends, $11,000 Service revenue, $25,200 Salary, $7,500 Rent, $3,000 Advertising, $2,200 Set up each T-account given and insert its adjusted balance as given (denote as Bal) at December 31. Enter answer here. Set up a T-account for Retained earnings, $20,300, and for Income summary. Enter answer here. Post the closing entries to the accounts, denoting posted amounts as Clo. Enter answer here. Compute the ending balance of Retained earnings. Enter answer here
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
