Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. closing entries the adjusted trial balance prepare

Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell &...

80.2K

Verified Solution

Question

Accounting

image
image
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,300 Rent Expense $20,800 Salaries Expense 45,700 Supplies Expense 5,600 Depreciation Expense 10,200 Retained Earnings 67,000 Dividends 9,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Debit Dec.31 To close the revenue account. Dec.31 Rent Expense Salaries Expense Supplies Expense To close the expense accounts. Dec.31 To close dividends account. Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends 45,700 5,600 10,200 67,000 9,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Debit Date Dec. 31 To close the revenue account. Dec.31 Rent Expense Salaries Expense Supplies Expense To close the expense accounts. Dec.31 To close dividends account. Balance in Retained Earnings at December 31

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students