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Question - Love Company's accounting records show an after-closing balance of $21,200 in its Retained Earnings account on December 31, 2018. During the 2018 accounting cycle, Love earned $18,700 of revenue, incurred $11,000 of expense, and paid $3,300 of dividends. Revenues and expenses were recognized evenly throughout the accounting period.
Required -
1. Determine the balance in the Retained Earnings account as of January 1, 2019.
2. Determine the balance in the temporary accounts as of January 1, 2018.
3. Determine the after-closing balance in the Retained Earnings account as of December 31, 2017.
4. Determine the balance in the Retained Earnings account as of June 30, 2018.
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