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Below are the Adjusted Trial Balance of Jasmine Limited as at 31 December 2018. $33,750...

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Accounting

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Below are the Adjusted Trial Balance of Jasmine Limited as at 31 December 2018. $33,750 175,000 262,500 Jasmine Limited Adjusted Trial Balance 31 December 2018 Cash Accounts receivable Office equipment Accumulated depreciation: office equipment Accounts payable Income tax payable Share Capital Retained earnings Dividends Sales commission earned Advertising expense Insurance expense 1 Rent expense Salary expense Utilities expense Depreciation expense: office equipment Income taxes expense 1 Totals 50,000 100,000 50,000 125,000 100.000 42,500 542,500 80.000 10.000 100,000 112,500 76.250 25,000 50.000 $967.500 $967.500 Required: (a) Prepare the closing entries as at 31 December 2018. (7 marks) (b) What type of accounts is referred to as permanent accounts? (1 mark) (c) Is Dividends account closed to income summary account or retained earnings account? Explain. (1 mark) (d) What is the updated amount of retained earnings at 31 December 2018 after the closing entries? (1 mark)

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