lile adjusted trial balance for Johnson Company below to answer the questions th

Question

lile adjusted trial balance for Johnson Company below to answer the questions that follow Johnson Company Adjusted Trial Balance December 31 Cash Accounts Receivable 210 70 3.70 ccumulated Depreciation Payable Notes Payable 30 Common Stock Retained Earnings ividends 925 ees Earned ent Expense tiscellaneous Totals 0.49 16. Determine the retained earnings ending balance. a. $15,730 b$21.400 c. $6.480 d. $12.150 17. The process of transferring the debits and credits from the journal entries to the accounts is called a. joumalizing b. transposing c. posting d. sliding 18. Entries are made to the petty cash account when a. replenishing the petty cash fund b. establishing the fiund creconding shortages in the fund d. making payments out of the fund

Explanation / Answer

Q16.

Answer is A. $ 15,730

The Explanation is as follows:

Net Income earned during the year:

Fees Earned 9250 Less: Expense Wage Expense 2500 Rent Expense 1960 Utilities Expense 775 Depreciation Expense 250 Misc. Expense 185 NET INCOME 3580 Opening Balance of Retained Earning 12,940 Add: Net Income during the year 3,580 Less: Dividend Paid 790 Closing Balance of Retained earnings 15,730

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