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joThompson
29.08.2020 •
Business
Required:a. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook's closing entries at January 31 , 2018. b. A Retained Earrings has been set up for you- Post to that account Then calculate Meadowbrook's net income for be year ended January 31 , 2018. What is the ending balance of Retained Earnings? c. Did Retained Earnings increase or decrease during the year? What caused the increase or be decrease? Accounts payable . 12,200Accounts receivable 17,000Accumulated depreciation, Equipment 7,200Advertising expense 10,600Cash 17,400Common stock. 1,000Current portion of long-term Note payable 1300Depreciation expense—equipment 1,500Dividends declared 10,000Equipment 42,800Interest expense 300Note payable, long term 15,500Other assets, long-term 13,500Prepaid expenses 5,500Retained earnings, 1/31/2017 13,000Salary expense 27,800Salary payable 3,500Service revenue 97,000Supplies.. 3,000Supplies expense 4,900Unearned service revenue 3,600
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Ответ:
Explained
Explanation:
The net income of Meadowbrook's is $51,900.Ending balance on retained earnings account is $54,900Retained earnings are increased during the yearNet income of $51,900 caused the retained earning to increaseDEBIT CREDIT
Service revenue $97,000
Income statement $97,000
DEBIT CREDIT
Income statement $45,000
Depreciation expense—equipment $1,500
Advertising expense $10,600
Interest expense $300
Supplies expense $4,900
Salary expense $27,800
DEBIT CREDIT
Retained Earnings $10,000
Dividend $10,000
Retained Earning Account
DEBIT CREDIT
Dividend $10,000 | Opening balance $13,000
Closing $54,900 | Net income $51,900
$64,900 $64,900
Ответ: