ure https//edugen willeyplus.com/ US Kimmel, Accounting, e Gradebook ORION Downl

Question

ure https//edugen willeyplus.com/ US Kimmel, Accounting, e Gradebook ORION Downloadable eTextbook Practice CES The adjusted trial balance shown below is for Rich Company at the end of its fiscal year COMPANY Trial Balance March 31, 2017 Debit Credi $12,900 9,400 700 2,500 Accounts Receivable Prepaid Insurance $4,800 5,800 1,100 600 15,000 5,600 Accumalated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings 5,800 Service Revenue 34,600 4,400 Salaries and Wages Expense Supplies Expense 18,100 1,800 12,000 1,500 1,200 StedRent Expense Insurance Expence Depreciation Expense

Explanation / Answer

The closing journal entries are shown as follows:-   

Journal Entries (Amounts in $)

No. Account Titles and Explanation Debit Credit 1 Service Revenue 34,600 Rent Revenue 14,400 Income Summary 49,000 (To close revenue accounts) 2 Income Summary 34,600 Salaries and Wages Expense 18,100 Supplies Expense 1,800 Rent Expense 12,000 Insurance Expense 1,500 Depreciation Expense 1,200 (To close expense accounts) 3 Income Summary ($49,000 - $34,600) 14,400 Retained Earnings 14,400 (To close net income/loss) 4 Retained Earnings 5,800 Dividends 5,800 (To close dividends)

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