Debit Credit ccounts Cash ccounts Receivable repaid Insurance fice Supplies 88,6

Question

Debit Credit ccounts Cash ccounts Receivable repaid Insurance fice Supplies 88,600 9,000 ,500 ,200 30,000 Buildin ccumulated Depreciation-Buildin 17,500 Equipment 77,000 ccumulated Depreciation-Equipment ciation Equip ,000 Land 7,000 ccounts Pavable alaries Pavable 5,000 ,000 7,000 03,000 6,000 1,500 Unearned Revenu ortgage Pavable Common Stock Retained Earnings Dividends ,000 01,000 ervice Revenue alaries Expense epreciation Expense- Building and 62,000 Equipment 6,200 1,000 14,500 8,000 upplies Expense surance Expense Utilities Expense 51 5 000 515 0n

Explanation / Answer

the final balance in retained earnings be = Opening retained earnings balance + Income for the current period

= opening balance $11500 + [service revenue $301000 - (salary exp. 62000 + Depre. 6200 + supplies exp.11000 + Insu.exp. 14500 + Utilit. expe. 18000 + divi exp. 25000] = $11500 + $164300 = $175800

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