Accounts Debit Credit Retained Earnings $24,000 Dividends $2,400 Service Revenue 44,000 Interest Revenue 5,400 Salaries Expense...

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Accounts Debit Credit Retained Earnings $24,000 Dividends $2,400 Service Revenue 44,000 Interest Revenue 5,400 Salaries Expense 14,400 Rent Expense 5,400 Advertising Expense 2,400 Insurance Expense 10,400 Interest Expense 4,400 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. Accounts Debit Credit Retained Earnings $24,000 Dividends $2,400 Service Revenue 44,000 Interest Revenue 5,400 Salaries Expense 14,400 Rent Expense 5,400 Advertising Expense 2,400 Insurance Expense 10,400 Interest Expense 4,400 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.

Answer rating: 100% (QA)

1 Closing Entries Step 1 Close Revenue Accounts Debit Service Revenu... View the full answer