Compute the ending balance of retained earnings

Reference no: EM131815049

Question: Posting closing entries directly to T-accounts The following balances appear on the books of Cedrick Owens Enterprises: Retained Earnings, $20,600; Dividends, $5,500; Service Revenue, $20,200; Salaries Expense, $6,900; Rent Expense $3,600; Advertising Expense, $2,300. All accounts have normal balances.

Requirements: 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal.) at December 31.

2. Post the closing entries to the accounts, denoting posted amounts as Clos.

3. Compute the ending balance of Retained Earnings.

Reference no: EM131815049

Questions Cloud

Information security policy : This week you read about the 12 categories of threats, which of these threats have you or your organization experienced?

Shape using for loops and turtle graphics : Write a program to draw a repetitive pattern or outline of a shape using for loops and Turtle Graphics. Use the following guidelines to write your program.

Net income after tax : If Company A had moved to Ireland, how much greater would we expect to have been their Net Income After Tax?

What is taxable income : Accrued warranty costs, estimated to be used in 2013 $74,000. Operating loss carry forward $36,000. What is taxable income for 2012

Compute the ending balance of retained earnings : Posting closing entries directly to T-accounts The following balances appear on the books of Cedrick Owens Enterprises: Retained Earnings, $20,600

Current event article related to cyber security : Find and read a current event article related to cyber security from the past two weeks.

What is the monthly rate of interest : You have your eyes on a new automobile costing $25,000. What is the monthly rate of “interest” you are really paying for the $20,000 loan?

Identify the building blocks from the business model canvas : Identify one or more of the building blocks from the business model canvas where modification should be recommended.

Database management systems in the connolly text : Review the advantages of database management systems in the Connolly text? Describe which advantage you think is the most important?

User Account

All Pages