14.Adzam Incorporated's new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances.Accounts Receivable$70,000 Other Expenses$135,400Accumulated Amortization14,000 Retained Earnings68,400Amortization Expense40,800 Salaries Expense255,000Cash98,000 Salaries Payable3,400Common Shares50,000 Service Revenue536,000Computers & Equipment74,800 Supplies5,600Interest Expense18,800 Unearned Revenue5,400Interest Revenue5,800 Required:1. Prepare the appropriate closing entries for the December 31 year-end.2. What is the balance in the Retained Earnings account after the closing entries have been completed?

Name: 14.Adzam Incorporated's new accounting intern prepared their adjusted
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Description: 14.Adzam Incorporated's new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances.Accounts Receivable$70,000 Other Expenses$135,400Accumulated Amortization14,000 Retained Earnings68,400

The retained earnings represents the total amount of accumulated profits that are available to the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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14.

Adzam Incorporated's new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances.

Accounts Receivable	$70,000	Other Expenses	$135,400
Accumulated Amortization	14,000	Retained Earnings	68,400
Amortization Expense	40,800	Salaries Expense	255,000
Cash	98,000	Salaries Payable	3,400
Common Shares	50,000	Service Revenue	536,000
Computers & Equipment	74,800	Supplies	5,600
Interest Expense	18,800	Unearned Revenue	5,400
Interest Revenue	5,800

Required:

1. Prepare the appropriate closing entries for the December 31 year-end.

2. What is the balance in the Retained Earnings account after the closing entries have been completed?

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