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

Retained earning Dec 31 CE4 10900 jan 1Bal 185800 Dec 31 CE 3 34200 Dec 31 Bal 209100 Dividend declared Dec 31 bal. 10900 Dec 31 CE4 10900 Dec 31 bal 0 Service revenue Dec 31 CE 1 358100 Dec 31 Bal. 358100 Dec 31 bal 0 Interest revenue DEc31 CE 1 9900 Dec 31bal 9900 Dec 31 bal. 0 salaries expense Dec 31 bal 245100 CE 2 245100 Dec 31 bal 0 Office expense Dec3 1bal 19400 Dec CE2 19400 Dec 31 bal 0 Depreciation expense Dec 31 bal 20000 CE 2 20000 Dec 31 bal 0 utilities expense Dec 31 bal 20500 Dec3 1CE2 20500 Dec 31 bal 0 Interst expense Dec31 bal 12000 Dec 31 CE 2 12000 Dec 31 bal 0 Income tax expense Dec 31 bal 16800 Dec31 CE 2 16800 Dec 31 bal 0

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