Below is a partial portion of Jolex’s adjusted trial balance. Cash 14,089 Accounts Payable 5,529 Retained Earnings 1,865 Sales Revenue 14,443 Rent Revenue 2,230 Salaries and Wages Expense 7,046 Depreciation Expense 1,341 Utilities Expense 2,251   When preparing the closing entry, the balance in Retained Earnings will equal $____________

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Below is a partial portion of Jolex’s adjusted trial balance.

Cash

14,089

Accounts Payable

5,529

Retained Earnings

1,865

Sales Revenue

14,443

Rent Revenue

2,230

Salaries and Wages Expense

7,046

Depreciation Expense

1,341

Utilities Expense

2,251

 

When preparing the closing entry, the balance in Retained Earnings will equal $____________

 

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does accounts payable and cash count towards ending retained earnings

 

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