Account Titles Debit Credit
Business, 22.04.2020 02:56 samiiegarciia
Morris Company had the following adjusted trial balance:
Account Titles Debit Credit
Cash $21,460
Accounts Receivable 19,060
Supplies 7,690
Equipment 36,600
Accumulated Depreciation $8,700
Accounts Payable 4,690
Unearned Rent Revenue 2,240
Capital Stock 23,580
Retained Earnings 22,500
Dividends 15,000
Commission Revenue 49,700
Rent Revenue 7,300
Depreciation Expense 5,200
Utilities Expense 8,600
Supplies Expense 5,100
Total $118,710 $118,710
The president of Morris Company has asked you to close the books (prepare and process the closing entries).
Required:
After the closing process has been completed, answer the following questions:
During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i. e., after revenue and expense accounts have been closed to Income Summary)?
$
What is the balance in the Retained Earnings account?
What is the balance in the depreciation expense account?
Answers: 3
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Morris Company had the following adjusted trial balance:
Account Titles Debit Credit
Account Titles Debit Credit
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