A partial adjusted trial balance is shown as follow for sparks electricity

Sparks Electricity

Partial Ajusted Trail Balance

June 30

Debit Credit

Retained Expense 17,850

Service Expense 31,500

Advertising Expense 1,010

Depreciation Expense 10,800

Interest Expense 790

Salaries Expense 5,200

Supplies Expense 3,300

Utilities Expense 2,270

Dividends 1,090

a. Prepare Sparks income statement. List the accounts in a chart of account order

b. prepare statement of retained earning for the month of june.

c. prepare the appropriate closing entries at june 30. When more than one debit or credit, list the accounts in chart of account order. For a compound transaction, if an amount box not require an entry, leave it blank or enter "0".

d. what is the purpose of closing of "closing the book" at the end of an accounting period?

Answer rating: 100% (QA)

Solution Answer 1 Income statement of sparks electricity Sparks electricity Income statement Part... View the full answer