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Memphis Ltd is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, Oct 31,2021. The following information has been taken from the adjusting trial balance.
accounts payable 18,000
cash dividend 40,000
common shares. 150,000
depreciation expense 15,250
dividend payable 10,000
income tax expense 29,740
income tax payable 2,500
insurance expense 5,100
interest expense. 1400
note payable. 55,000
rent expense. 38,800
retained earnings (nov 1, 2020) 610,000
salary expense 175,750
service revenue 385,000
unearned revenue 14,000
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Question b) prepare statement of retained earnings for the yr
Question c) prepare closing entries
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