Ross Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash $25,580 Accounts Receivable 18,500 Supplies 9,800 Equipment 35,100 Accumulated Depreciation $9,800 Accounts Payable 4,530 Deferred Rent Revenue 1,540 Capital...

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Accounting

Ross Company had the following adjusted trial balance:
Additional Resources
Account Titles Debit Credit
Cash
$25,580
Accounts Receivable
18,500
Supplies
9,800
Equipment
35,100
Accumulated Depreciation
$9,800
Accounts Payable
4,530
Deferred Rent Revenue
1,540
Capital Stock
21,510
Retained Earnings
22,400
Dividends
13,600
Commission Revenue
56,800
Rent Revenue
5,500
Depreciation Expense
5,900
Utilities Expense
8,500
Supplies Expense
5,100
Total
$122,080
$122,080
The president of Ross Company has asked you to close the books(prepare and process the closing entries).
Required:
After the closing process has been completed, answer thefollowing questions:
What is the balance in theRetained Earnings account?
$
What is the balance in theutilities expense account?
$
During the closing process, whatamount was transferred from the income summary account to theRetained Earnings account in the third closing entry (i.e., afterrevenue and expense accounts have been closed to IncomeSummary)?
$

Answer & Explanation Solved by verified expert

4.2 Ratings (541 Votes)

1 Retained earnings balance Begining retained earningsNet income for the yeardividends Net income Commission Revenue 56800 Rent Revenue 5500 Total revenue 62300 Depreciation Expense 5900 Utilities Expense 8500 Supplies Expense 5100 Total expenses 19500 See Answer

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Account Titles	Debit	Credit
Cash	$25,580
Accounts Receivable	18,500
Supplies	9,800
Equipment	35,100
Accumulated Depreciation		$9,800
Accounts Payable		4,530
Deferred Rent Revenue		1,540
Capital Stock		21,510
Retained Earnings		22,400
Dividends	13,600
Commission Revenue		56,800
Rent Revenue		5,500
Depreciation Expense	5,900
Utilities Expense	8,500
Supplies Expense	5,100
Total	$122,080	$122,080