Exercise 4-20 Date Account Titles and Explanation Debit Credit Dec. 31 Dec. 31 D
ID: 2608688 • Letter: E
Question
Exercise 4-20
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Dec. 31
Dec. 31
Dec. 31
SHOW LIST OF ACCOUNTS
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Retained Earnings
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SHOW LIST OF ACCOUNTS
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Exercise 4-20
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Flint Corporation is provided below.Debit Credit Accounts Receivable $71,150 Dividends 25,770 Depreciation Expense 12,940 Equipment 208,540 Salaries and Wages Expense 89,280 Accounts Payable $51,940 Accumulated Depreciation—Equipment 112,500 Unearned Rent Revenue 22,440 Service Revenue 180,120 Rent Revenue 6,080 Rent Expense 3,530 Retained Earnings 60,560 Supplies Expense 1,370
Explanation / Answer
Journal Entry Date Particulars Dr. Amt. Cr. Amt 31-Dec Service Revenue 180,120.00 Rent Revenue 6,080.00 Income Summary 186,200.00 (To close revenue account) 31-Dec Income Summary 107,120.00 Depreciation Expense 12,940.00 Salaries And Wages Expense 89,280.00 Rent Expense 3,530.00 Supplies Expense 1,370.00 (To close expense accounts) 31-Dec Income Summary 79,080.00 Retained Earnings 79,080.00 (To close net income to retained earnings) 31-Dec Retained Earnings 25,770.00 Dividends 25,770.00 (To close dividends to retained earnings) Retained Earnings Beg. Bal 60,560.00 31-Dec 25,770.00 79,080.00 31-Dec End. Bal. 113,870.00 Retained Earnings Statement For the Year Ended Dec 31, 2017 Beginning Balance, Jan 1, 2017 60,560.00 Net Income 79,080.00 Sub-total 139,640.00 Dividends (25,770.00) Ending Balance, Dec 31, 2017 113,870.00
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