TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2017 p

Question

TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2017 pre-closing account balances of Eagles Corp, a merchandising company. Assume all accounts have normal balances Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Building:s Administrative and General Expenses Buildings Balance 2,000 4,500 7,000 4,625 36,500 10,000 12,500 1,750 2,000 500 Common Stock Depreciation Expense - Buildings Dividends (Common Stock) Interest Expense Prepaid Rent Retained Earnings, Beginning Balance for 2016 Sales Revenue Selling Expenses Unearned Revenue 1,000 16,500 126,500 45,500 2,125

Explanation / Answer

Retained Earnings Begning Balance for 2016            16,500 Add Retained eaning for the year(Current year Profit)            74,125 Less Dividend Paid              2,000 Retained Earnings Balance for 2017            88,625 Closing Entries $ $ Sales Revenue        1,26,500     Income Summary                 1,26,500 Income Summary            52,375    Selling expenses                    45,500    Interest Expenses                          500    Depreciation expenses                       1,750    Administrative and General Expenses                       4,625 Income Summary            74,125    Retained Earnings                    74,125 Retained Earnings              2,000     Dividend                       2,000

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