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=) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable Accumulated Amortization Amortization Expense Cash Common Shares Computers & Equipment Interest Expense Interest Revenue $85,000 Other Expenses Retained Earnings 18,000 18,000 Salaries Expense 113,000 Salaries Payable 50,000 Service Revenue 74,800 12,800 8,500 Supplies Unearned Revenue $145,900 68,400 245,000 3,400 336,000 5,600 5,400 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?

=) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable Accumulated Amortization Amortization Expense Cash Common Shares Computers & Equipment Interest Expense Interest Revenue $85,000 Other Expenses Retained Earnings 18,000 18,000 Salaries Expense 113,000 Salaries Payable 50,000 Service Revenue 74,800 12,800 8,500 Supplies Unearned Revenue $145,900 68,400 245,000 3,400 336,000 5,600 5,400 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?

FINANCIAL ACCOUNTING
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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3) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable Accumulated Amortization Amortization Expense Cash Common Shares Computers & Equipment Interest Expense Interest Revenue $85,000 18,000 18,000 113,000 50,000 74,800 12,800 8,500 Other Expenses Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Unearned Revenue $145,900 68,400 245,000 3,400 336,000 5,600 5,400 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?
Transcribed Image Text:3) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable Accumulated Amortization Amortization Expense Cash Common Shares Computers & Equipment Interest Expense Interest Revenue $85,000 18,000 18,000 113,000 50,000 74,800 12,800 8,500 Other Expenses Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Unearned Revenue $145,900 68,400 245,000 3,400 336,000 5,600 5,400 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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