Statement of retained earnings and balance sheet

Assignment Help Financial Accounting

Reference no: EM13755210

1. Prepare an Income Statement, Statement of Retained earnings, balance sheet

2. Prepare the closing entries

D C

Cash 4,900

Rent Expense 400

Inventory 500

Equipment 5,000

Depreciation Expense1,000

A/P 800

Salary Expense 700

N/P 5,000

Capital 2,900

Retained Earnings (beg. bal) 3,000

Sales 6,800

Cost of goods sold 5,500

A/R 500

Dividends 800

Accum Depr Exp 1,000

Utility Exp 200

Total 19,500 19,500

Reference no: EM13755210

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