wileyplus.com/edugen/student/mainfr.uni Kimmel, Financial Accounting, 7e ractice
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Question
wileyplus.com/edugen/student/mainfr.uni Kimmel, Financial Accounting, 7e ractice Assignment Gradebook ORION nment e: 02 31 PM/ Remainingi 58 min. The adjusted trial balance shown below is for Rich Company at the end of its fiscal year RICH COMPANY Trial Balance March 31, 2014 Debit cr Cash Accounts Receivable Supplies Prepaid Insurance $12,900 9,400 700 2,500 16,000 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation. Expense $4,800 5,800 1,100 600 15,000 5,600 5,800 34,600 14,400 18,100 1,800 12,000 1,500 1,200 $81,900 $81,900Explanation / Answer
Closing Entries for the Temporary Accounts at March, 31 -
Account Titles Debit ($) Credit ($)
1. Service Revenue 34600
Rent Revenue 14400
To Income Summary 49000
2. Income Summary 34600
To Salaries and Wages expense 18100
To Supplies expense 1800
To Rent expense 12000
To Insurance expense 1500
To Depreciation expense 1200
3. Retained Earnings 14400
To Income Summary 14400
4. Retained Earnings 5800
To Dividends 5800
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