Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented...

    

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Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings Accounting Cycle Review E 0-40 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Cheyenne Corp. is provided below. Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense Debit $85,670 31,030 15,580 251,100 107,500 4,250 1,650 $62,540 135,460 27,020 216,880 7,320 72,920 IN CALCULATOR FULL SCREEN PRINTER VERSION Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Il ne entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Dec. 31 Service Revue Bert Revenue (To close revenue account) Dec. 31ane Simmy Dec. 31 Dec 31 Sales and Wages Expose ter Exper Supps Exp To dose expense accounts) Reta Crnings income to stained eamings) C Debit 216,380 7,320 120,00 72.430 Credit 224.200 15.500 102,500 4,250 1,450 12,420 $1.000 BACK NEXT Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account and for the Date Account Titles and Explanation Dec. 31 service Revenue Rent Revenue Income Summary (To close revenue account) Dec. 31 Income Summary Deprecation Expense Rent Expense Supplies Expense (to close expense accounts) Dec. 21 Ime Summary and Cas (To close net income to retained earnings) Dec 31 Setained Comm Debit 216,880 7,320 128,980 72,920 31,030 Credit 224,200 15,500 107.500 4.250 1,450 725920 31,030 Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings Accounting Cycle Review E 0-40 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Cheyenne Corp. is provided below. Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense Debit $85,670 31,030 15,580 251,100 107,500 4,250 1,650 $62,540 135,460 27,020 216,880 7,320 72,920 IN CALCULATOR FULL SCREEN PRINTER VERSION Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Il ne entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Dec. 31 Service Revue Bert Revenue (To close revenue account) Dec. 31ane Simmy Dec. 31 Dec 31 Sales and Wages Expose ter Exper Supps Exp To dose expense accounts) Reta Crnings income to stained eamings) C Debit 216,380 7,320 120,00 72.430 Credit 224.200 15.500 102,500 4,250 1,450 12,420 $1.000 BACK NEXT Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account and for the Date Account Titles and Explanation Dec. 31 service Revenue Rent Revenue Income Summary (To close revenue account) Dec. 31 Income Summary Deprecation Expense Rent Expense Supplies Expense (to close expense accounts) Dec. 21 Ime Summary and Cas (To close net income to retained earnings) Dec 31 Setained Comm Debit 216,880 7,320 128,980 72,920 31,030 Credit 224,200 15,500 107.500 4.250 1,450 725920 31,030

Answer rating: 100% (QA)

DATE ACCOUNTS TITLE EXPLANATION 31Dec Service Revenue Rent Re... View the full answer