The following financial information was taken from the books of Zone Health Club

Q: The following financial information was taken from the books of Zone Health Club

Ans. (a) CLOSING ENTRY Ans. (b) S.NO. DISCRIPTION DEBIT CREDIT 1. Service Revenue 80,500 To Retained Earnings 80,500 2. Retained Earnings 44,580 To Operating Expenses 2,880 To Rent Expenses 7,000 To Salaries Expenses 32,600 To Supplies Expenses 2,100 3. Retained Earnings 4,900 To Dividends 4,900

ID: 2332538 • Letter: T

Question

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:

Prepare the journal entries necessary to close the temporary accounts at December 31, 2016, for Zone Health Club. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

What is the balance in the Retained Earnings account after the closing entries are posted?

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:

Explanation / Answer

Ans. (a)

CLOSING ENTRY

Ans. (b)

S.NO. DISCRIPTION DEBIT CREDIT 1. Service Revenue 80,500 To Retained Earnings 80,500 2. Retained Earnings 44,580 To Operating Expenses 2,880 To Rent Expenses 7,000 To Salaries Expenses 32,600 To Supplies Expenses 2,100 3. Retained Earnings 4,900 To Dividends 4,900

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The following financial information was summarized from the accounting records o

The following financial ratios have been calculated from the financial statement

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The following financial information was taken from the books of Zone Health Club

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Explanation / Answer

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