Use EMBG\'s adjusted trial balance to prepare entries to close EMBG\'s temporary

Question

Use EMBG's adjusted trial balance to prepare entries to close EMBG's temporary accounts (using Retained Earnings), in journal entry form EMBG CORPORATION Adjusted Trial Balance For the Year Ending December 31, 2016 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Service fees earned Rent expense Salaries expense Depreciation expense Totals $ 44,000 28,000 376,000 72,000 60,000 130,000 62,000 326,000 44,000 116,000 42,000 0 $650,000 $650,000

Explanation / Answer

Service fees earned 326000 Income summary 326000 Income summary 202000 Rent expense 44000 Salaries expense 116000 Depreciation expense 42000 Income summary 124000 Retained earnings 124000

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