I Need Help Finding Row 13 and 14 The Income Summary And Retained Earnings * CengageNOWv2 | Online teachin xC Assume That The Cole Designs xGrades for Skye Ervin: ACCTG-1A X +A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseTerm Project1. MP.02-01.BLANKSHEET.AL.DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYClosing Entries2. MP.01-01.BLANKSHEET.AL...Dec. 31 Fees Earned165,600.002Rent Revenue92,000.0033. MP.03-01.BLANKSHEET.AL..Interest Revenue17,200.0044. MP.04-01Income Summary274,800.0055. MP.05-01.BLANKSHEET.AL...Dec. 31 Income Summary188,800.00°6Salaries Expense71,000.0037,600.0015,000.008Selling ExpenseIncome Taxes Expense9Depreciation Expense47,200.0010Insurance Expense17,000.0011Miscellaneous Expense1,000.0012Dec. 31 Income Summary1314Retained EarningsDec. 31 Retained Earnings5,000.0015Dividends5,000.0016-- --.-.Check My WorkPreviousNextProgress: 4/5 items9 MO • i 1:10 * CengageNOWv2 | Online teachin xC Get Homework Help With Chegg xO Grades for Skye Ervin: ACCTG-1A X+A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseTerm ProjectChandler, Inc.1. MP.02-01.BLANKSHEET.AL.ADJUSTED TRIAL BALANCEDecember 31, 20172. MP.01-01.BLANKSHEET.ALACCOUNT TITLEDEBITCREDIT3. MP.03-01.BLANKSHEET.AL.1 Cash54.000.004. MP.04-012 Accounts Receivable29,000.003 Prepaid Insurance16,000.005. MP.05-01.BLANKSHEET.AL...4 Office Equipment60.000.005 Accumulated Depreciation-Office Equipment40,000.00Accounts Payable6,000.007 Salaries Payable8,000.00Income Taxes Payable4,000.009 Common Stock2,000.010 Retained Earnings18.000.0011 Dividends5,000.0012 Fees Earned165,600.0013 Rent Revenue92,000.0014 Interest Revenue17,200.0015 Salaries Expense71,000.00Check My WorkPreviousNext>Progress: 4/5 itemsM1 • i 1:13

Closing Entries - Closing entries are required to close the temporary accounts after making…

DATE DESCRIPTION POST. REF. DEBIT CREDIT Closing Entries Dec. 31 Fees Earned 165,600.00 Rent Revenue 92,000.00" Interest Revenue 17,200.00 Income Summary 274,800.00 Dec. 31 Income Summary 188,800.00 Salaries Expense 71,000.00 37,600.00 15,000.00 Selling Expense Income Taxes Expense Depreciation Expense 47,200.00 10 Insurance Expense 17,000.00 11 Miscellaneous Expense 1,000.00 12 Dec. 31 Income Summary 13 14 Retained Earnings Dec. 31 Retained Earnings 5,000.00 15 Dividends 5,000.00 16

DATE DESCRIPTION POST. REF. DEBIT CREDIT Closing Entries Dec. 31 Fees Earned 165,600.00 Rent Revenue 92,000.00" Interest Revenue 17,200.00 Income Summary 274,800.00 Dec. 31 Income Summary 188,800.00 Salaries Expense 71,000.00 37,600.00 15,000.00 Selling Expense Income Taxes Expense Depreciation Expense 47,200.00 10 Insurance Expense 17,000.00 11 Miscellaneous Expense 1,000.00 12 Dec. 31 Income Summary 13 14 Retained Earnings Dec. 31 Retained Earnings 5,000.00 15 Dividends 5,000.00 16

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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Question

I Need Help Finding Row 13 and 14

The Income Summary And Retained Earnings

* CengageNOWv2 | Online teachin x
C Assume That The Cole Designs x
Grades for Skye Ervin: ACCTG-1A X +
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
Term Project
1. MP.02-01.BLANKSHEET.AL.
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Closing Entries
2. MP.01-01.BLANKSHEET.AL...
Dec. 31 Fees Earned
165,600.00
2
Rent Revenue
92,000.00
3
3. MP.03-01.BLANKSHEET.AL..
Interest Revenue
17,200.00
4
4. MP.04-01
Income Summary
274,800.00
5
5. MP.05-01.BLANKSHEET.AL...
Dec. 31 Income Summary
188,800.00°
6
Salaries Expense
71,000.00
37,600.00
15,000.00
8
Selling Expense
Income Taxes Expense
9
Depreciation Expense
47,200.00
10
Insurance Expense
17,000.00
11
Miscellaneous Expense
1,000.00
12
Dec. 31 Income Summary
13
14
Retained Earnings
Dec. 31 Retained Earnings
5,000.00
15
Dividends
5,000.00
16
-- --.-.
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O • i 1:10

* CengageNOWv2 | Online teachin x
C Get Homework Help With Chegg x
O Grades for Skye Ervin: ACCTG-1A X
+
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
Term Project
Chandler, Inc.
1. MP.02-01.BLANKSHEET.AL.
ADJUSTED TRIAL BALANCE
December 31, 2017
2. MP.01-01.BLANKSHEET.AL
ACCOUNT TITLE
DEBIT
CREDIT
3. MP.03-01.BLANKSHEET.AL.
1 Cash
54.000.00
4. MP.04-01
2 Accounts Receivable
29,000.00
3 Prepaid Insurance
16,000.00
5. MP.05-01.BLANKSHEET.AL...
4 Office Equipment
60.000.00
5 Accumulated Depreciation-Office Equipment
40,000.00
Accounts Payable
6,000.00
7 Salaries Payable
8,000.00
Income Taxes Payable
4,000.00
9 Common Stock
2,000.0
10 Retained Earnings
18.000.00
11 Dividends
5,000.00
12 Fees Earned
165,600.00
13 Rent Revenue
92,000.00
14 Interest Revenue
17,200.00
15 Salaries Expense
71,000.00
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M
1 • i 1:13

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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