The following is the adjusted trial balance for Miller Company. NOTE: I\'M GETTI

Question

The following is the adjusted trial balance for Miller Company.

NOTE: I'M GETTING 7840 FOR INCOME SUMMARY AND RETAINED EARNINGS, BUT THE HOMEWORK SYSTEM SAYS ITS WRONG, HELP PLEASE!

8,130

3,300

2,750

10,400

2,200

2,700

1,000

9,200

2,000

4,870

36,600

12,450

4,900

3,475

2,150

1,275

53,700

53,700

Prepare closing entries. If an amount box does not require an entry, leave it blank or "0".

Feedback

Partially correct

Prepare the post closing trial balance. If an amount box does not require an entry, leave it blank or "0".

Miller Company
Adjusted Trial Balance
December 31 Cash

8,130

Accounts Receivable

3,300

Prepaid Expenses

2,750

Equipment

10,400

Accumulated Depreciation

2,200

Accounts Payable

2,700

Notes Payable

1,000

Common Stock

9,200

Retained Earnings

2,000

Dividends

4,870

Fees Earned

36,600

Wages Expense

12,450

Rent Expense

4,900

Utilities Expense

3,475

Depreciation Expense

2,150

Miscellaneous Expense

1,275

Totals

53,700

53,700

Explanation / Answer

Prepare closing entries. If an amount box does not require an entry, leave it blank or "0".

Prepare the post closing trial balance. If an amount box does not require an entry, leave it blank or "0".

Date account and explanation debit credit Fees earned 36600 Income summary 36600 (To close revenue account) Income summary 24250   Wages Expense 12450 Rent expense 4900 Utilities expense 3475 Depreciation Expense 2150   Miscellaneous Expense 1275 (To close expense account) Income summary 12350 Retained earnings 12350 (To close income summary account) Retained earnings 4870 Dividend 4870 (To close dividend account)

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