Benson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances...

  

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Benson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances 14. Prepare the closing entries for Benson at December 31. 15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.) 14. Prepare the closing entries for Benson at December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First we will close the Service Revenue account. Date Accounts and Explanation Debit Credit Clos (1) Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (long-term) 4,000 3,200 1,900 3,000 34,800 1,600 5,400 7,000 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 20,000 15,700 2,100 1,600 300 800 500 600 100 Benson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances 14. Prepare the closing entries for Benson at December 31. 15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.) 14. Prepare the closing entries for Benson at December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First we will close the Service Revenue account. Date Accounts and Explanation Debit Credit Clos (1) Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (long-term) 4,000 3,200 1,900 3,000 34,800 1,600 5,400 7,000 Common Stock Retained Earnings Dividends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 20,000 15,700 2,100 1,600 300 800 500 600 100

Answer rating: 100% (QA)

14Closing entries for Benson at December 31 Debit S Credit S Date General Journal Service R... View the full answer