H1. 3) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts havetheir normal balances.Accounts ReceivableAccumulated AmortizationAmortization ExpenseCashCommon SharesComputers & EquipmentInterest ExpenseInterest Revenue$85,00018,00018,000113,00050,00074,80012,8008,500Other ExpensesRetained EarningsSalaries ExpenseSalaries PayableService RevenueSuppliesUnearned Revenue$145,90068,400245,0003,400336,0005,6005,400Required: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?

The closing entries are prepared to close the temporary accounts of the business. The revenue,…

=) 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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