A company's fiscal year-end is December 31, Year 1. The following is an adjusted triai baiance...

 
 

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A company's fiscal year-end is December 31, Year 1. The following is an adjusted triai baiance as of December 31. Accounts Debit Credit $ 11,200 35,000 26,000 Cash Supplies Prepaid Rent Accounta Payable Noten Payable Common Stock 2,200 22,000 36,000 8,200 Retained Earninge Dividenda Service Revenue Salarien Expense Advertising Expense Rent Expense veilities Expense 3,200 54,800 19,200 12,200 9,200 7,200 $123,200 Totals $123, 200 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > Record the entry to dose the revenue accounts. Note Enter debits before credits Date General Journal Debit Credit December 31, Year1 Recard entry Clear entry View general joumal 2. Calculate the ending balance of Retained Earnings Ratained eamge A company's fiscal year-end is December 31, Year 1. The following is an adjusted triai baiance as of December 31. Accounts Debit Credit $ 11,200 35,000 26,000 Cash Supplies Prepaid Rent Accounta Payable Noten Payable Common Stock 2,200 22,000 36,000 8,200 Retained Earninge Dividenda Service Revenue Salarien Expense Advertising Expense Rent Expense veilities Expense 3,200 54,800 19,200 12,200 9,200 7,200 $123,200 Totals $123, 200 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > Record the entry to dose the revenue accounts. Note Enter debits before credits Date General Journal Debit Credit December 31, Year1 Recard entry Clear entry View general joumal 2. Calculate the ending balance of Retained Earnings Ratained eamge

Answer rating: 100% (QA)

1 Closing entries Record the entry to close the Revenue Accounts Date General Journal Deb... View the full answer