Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings...

Transcribed Image Text:

Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $21,000; Dividends $3,500. Services Revenue $40,500; Salaries Expense $28,000; Rent Expense $6,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. Retained Earnings Adjusted Balance Ending Balance Adjusted Balance Ending Balance Income Summary Ending Balance 3500 Adjusted Balance Salaries Expense 21,000 Adjusted Balance Ending Balance 0 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance 1.5 Dividends Rent Expense Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $21,000; Dividends $3,500. Services Revenue $40,500; Salaries Expense $28,000; Rent Expense $6,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. Retained Earnings Adjusted Balance Ending Balance Adjusted Balance Ending Balance Income Summary Ending Balance 3500 Adjusted Balance Salaries Expense 21,000 Adjusted Balance Ending Balance 0 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance 1.5 Dividends Rent Expense

Answer rating: 100% (QA)

SOLUTION 1 Post closing entries to each accounts Taccount Retained Earnings Debit Dividends 3500 Credit Income Summary 3500 Dividends Debit Income Sum... View the full answer