The following is the adjusted trial balance for Miller Company. NOTE: I'M GETTING 7840 FOR INCOME SUMMARY...

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Accounting

The following is the adjusted trial balance for MillerCompany.
NOTE: I'M GETTING 7840 FOR INCOME SUMMARY AND RETAINED EARNINGS,BUT THE HOMEWORK SYSTEM SAYS ITS WRONG, HELP PLEASE!
Miller Company
Adjusted Trial Balance
December 31
Cash
8,130
Accounts Receivable
3,300
Prepaid Expenses
2,750
Equipment
10,400
Accumulated Depreciation
2,200
Accounts Payable
2,700
Notes Payable
1,000
Common Stock
9,200
Retained Earnings
2,000
Dividends
4,870
Fees Earned
36,600
Wages Expense
12,450
Rent Expense
4,900
Utilities Expense
3,475
Depreciation Expense
2,150
Miscellaneous Expense
1,275
Totals
53,700
53,700
Prepare closing entries. If an amount box does not require anentry, leave it blank or "0".
Fees Earned
Income Summary
Income Summary
Wages Expense
Rent Expense
Utilities Expense
Depreciation Expense
Miscellaneous Expense
Income Summary
Retained Earnings
Retained Earnings
Dividends
Feedback
Partially correct
Prepare the post closing trial balance. If an amount box doesnot require an entry, leave it blank or "0".
Miller Company
Post-Closing Trial Balance
December 31
Cash
Accounts Receivable
Prepaid Expenses
Equipment
AccumulatedDepreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Total $ $

Answer & Explanation Solved by verified expert

4.0 Ratings (726 Votes)

Prepare closing entries. If an amount box does not require an entry, leave it blank or "0".

Date	account and explanation	debit	credit
	Fees earned	36600
	Income summary		36600
	(To close revenue account)

	Income summary	24250
	Wages Expense		12450
	Rent expense		4900
	Utilities expense		3475
	Depreciation Expense		2150
	Miscellaneous Expense		1275
	(To close expense account)

	Income summary	12350
	Retained earnings		12350
	(To close income summary account)

	Retained earnings	4870
	Dividend		4870
	(To close dividend account)

Prepare the post closing trial balance. If an amount box does not require an entry, leave it blank or "0".

Miller Company
Post-Closing Trial Balance
December 31
Cash	8130
Account receivable	3300
Prepaid expenses	2750
Equipment	10400
Accumulated Depreciation		2200
Account payable		2700
Notes payable		1000
Common Stock		9200
Retained Earnings		9480

Total	24580	24580

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Transcribed Image Text

The following is the adjusted trial balance for MillerCompany.NOTE: I'M GETTING 7840 FOR INCOME SUMMARY AND RETAINED EARNINGS,BUT THE HOMEWORK SYSTEM SAYS ITS WRONG, HELP PLEASE!Miller CompanyAdjusted Trial BalanceDecember 31Cash8,130Accounts Receivable3,300Prepaid Expenses2,750Equipment10,400Accumulated Depreciation2,200Accounts Payable2,700Notes Payable1,000Common Stock9,200Retained Earnings2,000Dividends4,870Fees Earned36,600Wages Expense12,450Rent Expense4,900Utilities Expense3,475Depreciation Expense2,150Miscellaneous Expense1,275Totals53,70053,700Prepare closing entries. If an amount box does not require anentry, leave it blank or "0".Fees EarnedIncome SummaryIncome SummaryWages ExpenseRent ExpenseUtilities ExpenseDepreciation ExpenseMiscellaneous ExpenseIncome SummaryRetained EarningsRetained EarningsDividendsFeedbackPartially correctPrepare the post closing trial balance. If an amount box doesnot require an entry, leave it blank or "0".Miller CompanyPost-Closing Trial BalanceDecember 31CashAccounts ReceivablePrepaid ExpensesEquipmentAccumulatedDepreciationAccounts PayableNotes PayableCommon StockRetained EarningsTotal$$

	Fees Earned
	Income Summary
	Income Summary
	Wages Expense
	Rent Expense
	Utilities Expense
	Depreciation Expense
	Miscellaneous Expense
	Income Summary
	Retained Earnings
	Retained Earnings
	Dividends

Miller Company
Post-Closing Trial Balance
December 31
Cash
Accounts Receivable
Prepaid Expenses
Equipment
AccumulatedDepreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Total	$	$

Miller Company Adjusted Trial Balance December 31
Cash	8,130
Accounts Receivable	3,300
Prepaid Expenses	2,750
Equipment	10,400
Accumulated Depreciation		2,200
Accounts Payable		2,700
Notes Payable		1,000
Common Stock		9,200
Retained Earnings		2,000
Dividends	4,870
Fees Earned		36,600
Wages Expense	12,450
Rent Expense	4,900
Utilities Expense	3,475
Depreciation Expense	2,150
Miscellaneous Expense	1,275
Totals	53,700	53,700