The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $300,000...

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The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $300,000 Service revenue 650,000 Salaries expense 325,000 Rent expense 25,000 10,000 Interest expense Dividends 150,000 Prepare the closing entries. 34. S 35. $ 36. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? After closing the accounts, what is the ending balance in Retained Earnings? The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $300,000 Service revenue 650,000 Salaries expense 325,000 Rent expense 25,000 10,000 Interest expense Dividends 150,000 Prepare the closing entries. 34. S 35. $ 36. $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? After closing the accounts, what is the ending balance in Retained Earnings?

Answer rating: 100% (QA)

To prepare the closing entries we need to transfer the balances of temporary accounts revenue expense and dividends to the Retained Earnings account T... View the full answer