90.2K

Verified Solution

Link Copied!

$10$:$53$

Done

mybusines

Course Content $/$ Chapter $3/$ Ch$3$: Homework

Ch$3$: Homework

Question

$10$

Not complete

Marked out of $1\mathrm{.}00$

Flag

question

Prepare Closing Entries to Retained Earnings

The Decade Company's adjusted trial balance contains the following balances as of December $31$: Retained Earnings $$8,500$; Dividends $$2,000$; Sales $$22,000$; Cost of Goods Sold $$8,000$; Selling and Administrative Expenses $$3,000$; Interest Expense $$1,500.$

Prepare the closing entries for The Decade Company. Close the temporary accounts straight to retained earnings. The balance of $$8,500$ in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing entries?

$\backslash$table$[[$General Journal$],[$Description$,$Debit,Credit$],[$Sales$,,22,000,],[$Net income,$*{*}^{},0,22,0],[$To close the revenue account.,,$],[,{}^{},0,],[$Cost of good,,$0,],[$Selling and ad$,$nse,$0,],[,*{*}^{},0,],[$To close the expense accounts.,,$],[,gra{d}^{},0,],[,*{*}^{},0,]]$

Prepare Closing Entries to Retained Earnings

The Decade Company's adjusted trial balance contains

the following balances as of December $31$: Retained

Earnings $$8,500$; Dividends $$2,000$; Sales $$22,000$; Cost

of Goods Sold $$8,000$; Selling and Administrative

Expenses $$3,000$; Interest Expense $$1,500.$

Prepare the closing entries for The Decade Company.

Close the temporary accounts straight to retained

earnings. The balance of $$8,500$ in the retained earnings

account is from the beginning of the year. What is the

ending retained earnings balance after posting the

closing entries?

The balance of $$8\mathrm{.}500$ in the retained earnings account

Answer & Explanation Solved by verified expert

See Answer