Selected accounts from Betts Ltd.\'s general ledger are presented below. Note th

Question

Selected accounts from Betts Ltd.'s general ledger are presented below. Note that the account details for the year have not been included, only the account balance (bal.") after adjustment but before closing is included. Retained Earnings Jan. 1 bal 185,800 Dividends Declared Dec. 31 bal 10,900 Service Revenue Dec. 31 bal 358,100 Interest Revenue Dec. 31 bal 9,900 Salaries Expense 245,100 Office Expense Dec. 31 bal Dec. 31 bal 19,400 Depreciation Expense 20,000 Utilities Expense Dec. 31 bal Dec. 31 bal 20,500 Interest Expense Dec. 31 bal 12,000 Income Tax Expense Dec. 31 bal 16,800

Explanation / Answer

Date Accounts title Dr Cr 31 Dec Income summary [368000 - 333800] $34200 To Retained earnings $34200 [To close net income]

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.