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5) Use the Adjusted Trial Balance for Anderson Service Company to prepare the balance sheet...

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Accounting

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5) Use the Adjusted Trial Balance for Anderson Service Company to prepare the balance sheet at September 30,2016. You must compute the ending balance of Retained Earnings. Anderson Service Company Adjusted Trial Balance September 30, 2016 Balance Account Title Debit Credit $9,000 Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment $2,800 1,500 Cash 14,500 Common Stock 10,000 Depreciation Expense - Equipment600 Dividends Equipment 1,500 40,000 Notes Payable (long-term) Office Supplies 20,000 Prepaid Rent Rent Expense 1,500 4,800 1,200 Retained Earnings, August 31, 2016 8,100 27,500 1,000 $77,100 9,000 Salaries Expense Service Revenue Supplies Expense Unearned Revenue 500 Utilities Expense Total 700 $77,100 6) Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts

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