K Hernandez Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment...

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K Hernandez Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earning's Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? Debit What is the balance in the Retained. Earnings account? $20,970 15,640 7,820 45,000 13,000 7,000 9,800 5,500 $124.730 $ Credit The president of Hernandez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: $O $0 $9,300 4,600 2,260 32,970 23,000 45,200 7,400 $124,730 K Hernandez Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earning's Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? Debit What is the balance in the Retained. Earnings account? $20,970 15,640 7,820 45,000 13,000 7,000 9,800 5,500 $124.730 $ Credit The president of Hernandez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: $O $0 $9,300 4,600 2,260 32,970 23,000 45,200 7,400 $124,730

Answer rating: 100% (QA)

Close Revenue Accounts Debit Commission Revenue 45200 Credit Income Summary 45200 Account Title Debi... View the full answer