Send to Gradebook Question 6 Selected year-end account balances from the adjuste

Question

Send to Gradebook Question 6 Selected year-end account balances from the adjusted trial balance as of December 31, 2017,for Tippy Corporation is provided below Debit Creclit Accounts Receivable Dividends Depreciation Expense $72600 26.300 13 200 212800 91.100 Selaries and Wages Expense Accounts Payable $53000 114800 22,900 183800 6200 Unearned Rent Revenue Service Reveriue Rent Revenue Rent Expense Retained Earnings Supplies Expense 3600 61800 1400 Prepare closing entries. (Credit account titfes Gre automatically indented when the amount is entered. Do not indent manuclily.Nno entry is required, sefect "No Entry"for the account titles and enterO for the amounts Date Account Titles and Explanation Debit Credit Dec. 31 To closa ravenua accaunt) Dec. 31 (To close expense accounts) Dec, 31 (To close net income to retained carnings) Dec. 31 (To close dividends to retained camings) eTextbook and Medla List of Accounts Determine the pust-closing balance in Rctaired Earriings(Post entries in the order of journal entries presented in the previous part) Retained Earnings eTextbook and Media List of Accounts Attempts:0 of 6 used Chxk Arswer Prev Next

Explanation / Answer

1.

2.

Date Account title and explanation Debit Credit Dec-31 Service revenue $ 183,800 Rent revenue $      6,200 Income summary $ 190,000 (to close revenue account) Dec-31 Income summary $ 109,300 Depreciation expenses $    13,200 Salaries and wages expense $    91,100 Rent expense $      3,600 Supplies expense $      1,400 (To close expense account) Dec-31 Income summary ($183,800-$109,300) $    74,500 Retained earnings $    74,500 (To close net income to retained earnings) Dec-31 Retained earnings $    26,300 Dividends $    26,300 (To close dividends to retained earnings)

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.