The following adjusted trial balance is the result of the adjustments made at th
ID: 2337192 • Letter: T
Question
The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Corporation.
NOTE: CAN YOU SHOW THE WORK ON HOW TO GET THE RETAINED EARNINGS? THANKS IN ADVANCE.
Ladonna Douglas Corporation
ADJUSTED TRIAL BALANCE
July 31, 20--
1
Cash
34,750.00
2
Accounts Receivable
9,750.00
3
Office Supplies
2,525.00
4
Store Supplies
4,785.00
5
Machinery
10,750.00
6
Accumulated Depreciation
2,150.00
7
Accounts Payable
14,300.00
8
Notes Payable
11,500.00
9
Common Stock
33,725.00
10
Retained Earnings
20,000.00
11
Dividends
13,250.00
12
Service Revenue
41,500.00
13
Wages Expense
37,425.00
14
Rent Expense
3,000.00
15
Advertising Expense
2,750.00
16
Office Supplies Expense
1,465.00
17
Store Supplies Expense
2,150.00
18
Depreciation Expense
575.00
19
Totals
123,175.00
123,175.00
Required:
General Journal
Shaded cells have feedback.
Journalize the closing entries on July 31. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 1
JOURNAL
Score: 157/161
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13
ACCOUNT TITLE DEBIT CREDIT1
Cash
34,750.00
2
Accounts Receivable
9,750.00
3
Office Supplies
2,525.00
4
Store Supplies
4,785.00
5
Machinery
10,750.00
6
Accumulated Depreciation
2,150.00
7
Accounts Payable
14,300.00
8
Notes Payable
11,500.00
9
Common Stock
33,725.00
10
Retained Earnings
20,000.00
11
Dividends
13,250.00
12
Service Revenue
41,500.00
13
Wages Expense
37,425.00
14
Rent Expense
3,000.00
15
Advertising Expense
2,750.00
16
Office Supplies Expense
1,465.00
17
Store Supplies Expense
2,150.00
18
Depreciation Expense
575.00
19
Totals
123,175.00
123,175.00
Explanation / Answer
Date Title Debit Credit Jul-31 Service Revenue $ 41,500 Income summary $ 41,500 Jul-31 Income summary $ 47,365 Wages expense $ 37,425 Rent expense $ 3,000 Advertising expense $ 2,750 Office supplies expense $ 1,465 Store supplies expense $ 2,150 Depreciation expense $ 575 Jul-31 Retained earnings ($47,365-$41,500) $ 5,865 Income summary $ 5,865 Jul-31 Dividends $ 13,250 Retained earnings $ 13,250
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