mncampbell01
21.12.2019 •
Business
Wald corporation's adjusted trial balance shows the following temporary accounts: service revenue: $20,000; salaries expense $8,000; insurance expense: $2,000; utilities expense: $3,000; interest expense $200; and depreciation expense: $1,400. as part of the the closing process, wald should credit retained earnings for:
a. $5,400
b. $20,000
c. $14,600
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Ответ:
Correct answer is A $5,400
Explanation:
At the end of the calendar/fiscal year, all nominal accounts should be closed to retained earnings. And we need to make 2 entries.
Closing entries:
First, close all nominal accounts to income and expense summary account
Debit Service revenue $20,000
Credit Salaries expense $8,000
Credit Insurance expense $2,000
Credit Utilities expense $3,000
Credit Interest expense $200
Credit Depreciation expense $1,400
Credit income & expense summary $5,400
Second, close income and expense summary account to Retained earnings
To close income & expense summary:
Debit income and expense summary $5,400
Credit Retained earnings $5,400
Ответ:
A decomposer is an organism that decomposes, or breaks down, organic material such as the remains of dead organisms. Decomposers include bacteria and fungi. Mushrooms, such as those in the image above, are a type of fungus and play a role in decomposition.