Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows: Debit Credit
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Question:
Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows:
Debit | Credit | |
---|---|---|
Service fees earned | $92,500 | |
Interest income | 2,600 | |
Salaries expense | $41,800 | |
Advertising expense | 4,300 | |
Depreciation expense | 8,700 | |
Income tax expense | 11,000 | |
Common stock | 75,000 | |
Retained earnings | 61,000 | |
Cash dividends | 15,000 |
Identify the temporary accounts that will be closed to retained Earnings. Once the closing process is completed, what is the ending balance in the account?
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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