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Question 1 10 pts Exercise 4-23 The adjusted trial balance for Ryan Company is given below. RYAN COMPANY Trial Balance August 31, 2017 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $10,900 $10,900 Accounts Receiva ble 8,800 9,400 500 Supplies 2,500 Prepaid Insurance 2,500 4,000 16,000 Equipment 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,100 Unearned Rent Revenue 1,800 800 Common Stock 10,000 10,000 Retained Earnings 5,500 5,500 Dividends 2,800 2,800 Service Revenue 34,000 34,600 Rent Revenue 12,100 13,100 Salaries and Wages Expense 17,000 18,100 Supplies Expense 0 2,000 Rent Expense 10,800 10,800 Insurance Expense 0 1,500 1,200 Depreciation Expense $72,800 $72,800 $75,700 $75,700 After the first closing entry to close revenue accounts has been posted, what is the balance of the Service Revenue account? $ Exercise 4-23 The adjusted trial balance for Ryan Company is given below. RYAN COMPANY Trial Balance August 31, 2017 After Before Adjustment Adjustment Cr. Cr. Dr. Dr. Cash $10,900 $10,900 Accounts Receivable 8,800 9,400 Supplies 2,500 500 Prepaid Insurance 4,000 2,500 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,100 Unearned Rent Revenue 1,800 800 Common Stock 10,000 10,000 Retained Earnings 5,500 5,500 Dividends 2,800 2,800 Service Revenue 34,000 34,600 Rent Revenue 12,100 13,100 Salaries and Wages Expense 17,000 18,100 Supplies Expense 2,000 Rent Expense 10,800 10,800 Insurance Expense 1,500 1,200 Depreciation Expense $72,800 $72,800 $75,700 $75,700 After the first and second closing entries to close the revenue and expense accounts have been posted, what is the balance of the Income Summary account? $ Exercise 4-23 The adjusted trial balance for Ryan Company is given below. RYAN COMPANY Trial Balance August 31, 2017 Before After Adjustment Adjustment Cr. Dr. Dr. Cr. Cash $10,900 $10,900 Accounts Receivable 8,800 9,400 Supplies 2,500 500 Prepaid Insurance 4,000 2,500 16,000 Equipment 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,100 Unearned Rent Revenue 1,800 800 Common Stock 10,000 10,000 Retained Earnings 5,500 5,500 Dividends 2,800 2,800 34,000 Service Revenue 34,600 Rent Revenue 12,100 13,100 Salaries and Wages Expense 17,000 18,100 Supplies Expense 2,000 Rent Expense 10,800 10,800 Insurance Expense 0 1,500 1,200 Depreciation Expense $72,800 $72,800 $75,700 $75,700 After the third closing entry to close the Income Summary account has been posted, what is the balance of Income Summary? Give the balance of Income Summary after the 3 closing entries have been journalized and posted. $ Exercise 4-23 The adjusted trial balance for Ryan Company is given below RYAN COMPANY Trial Balance August 31, 2017 Before After Adjustment Adjustment Cr. Dr. Cr. Dr. Cash $10,900 $10,900 Accounts Receivable 8,800 9,400 Supplies 2,500 500 Prepaid Insurance 4,000 2,500 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,100 Unearned Rent Revenue 800 1,800 Common Stock 10,000 10,000 Retained Earnings 5,500 5,500 Dividends 2,800 2,800 Service Revenue 34,000 34,600 Rent Revenue 12,100 13,100 Salaries and Wages Expense 17,000 18,100 Supplies Expense 2,000 Rent Expense 10,800 10,800 Insurance Expense 1,500 1,200 Depreciation Expense $72,800 $72,800 $75,700 $75,700 After the fourth closing entry to close the Dividends account has been posted, what is the balance of the Retained Earnings account? Give the balance of Retained Earnings after all 4 closing entries have been journalized and posted. $