Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rodriguez company had the following adjusted trial

Rodriguez Company had the following adjusted trial balance: Account Titles Debit Credit Cash $25,300 Accounts...

90.2K

Verified Solution

Question

Accounting

image

Rodriguez Company had the following adjusted trial balance: Account Titles Debit Credit Cash $25,300 Accounts Receivable 17.640 Supplies 8.800 Equipment 45,000 $10,000 Accumulated Depreciation Accounts Payable 3,090 Deferred Rent Revenue Capital Stock 2.120 38.430 20,500 Retained Earnings Dividends 14.400 Commission Revenue 50.700 Rent Revenue 7,200 Depreciation Expense 5.900 9,700 Utilities Expense Supplies Expense 5.300 Total $132,040 $132.040 The president of Rodriguez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: SI What is the balance in the utilities expense account? During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the Retained Earnings account? so SO 5

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