I’m missing the retained earnings in my trial balance and also the income statement ... picture is attached Account NameDebitCredit76.00027000158.203600060000Cash - Big BankCash - Little BankAccounts ReceivableInventoryEquipmentNote Payable - Big Bank65 000Note Payable - Little BankInterest Payable - Big BankInterest Payable - Little Bank45075000Common StockRetained EarningsSales Revenue260000660004O0033001050Cost of Goods SoldRent ExpenseWages ExpenseInterest ExpenseTotalIncome StatementExpenses:Net Income (JUU Me General Ledger tab in the file Chapter 04 b - Problem 4-1 Forms for the accounts in OPJ'saccounting system.)Feb 01Take $4,000 cash out of Big Bank to pay for February's warehouse rent.Feb 04Sale of inventory to a customer – selling price $62,000 – cost of inventory sold$16,000 – customer paid cash which was deposited in Big Bank.Feb 07Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15Sale of inventory to a customer – selling price $88,000 – cost of inventory sold$22,000 – customer will pay in the future.Feb 18Sale of inventory to a customer – selling price $110,000 – cost of inventory sold$28,000 – customer pays $40,000 cash which is deposited in Little Bank – customerwill pay for the remaining amount of the sale in 30 days.Feb 22Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory.Feb 27Take $23,000 cash out of Little Bank to pay employees for wages they have earned.Adjust the Interest Payable-Big Bank account to record the $600 of interest owed toBig Bank for February – interest will be paid in June.Feb 28Adjust the Interest Payable-Little Bank account to record the $450 of interest owedto Little Bank for February – interest will be paid in March.Feb 28Requirement 2the entries from the General Journal to the General Ledger accounts,

Retained Earnings means accumulated earnings of business which it has earned over the period of…

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I’m missing the retained earnings in my trial balance and also the income statement ... picture is attached

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’m missing the retained earnings in my trial balance and also the income statement ... picture is attached

Account Name
Debit
Credit
76.000
27000
158.20
36000
60000
Cash - Big Bank
Cash - Little Bank
Accounts Receivable
Inventory
Equipment
Note Payable - Big Bank
65 000
Note Payable - Little Bank
Interest Payable - Big Bank
Interest Payable - Little Bank
450
75000
Common Stock
Retained Earnings
Sales Revenue
260000
66000
4O00
3300
1050
Cost of Goods Sold
Rent Expense
Wages Expense
Interest Expense
Total
Income Statement
Expenses:
Net Income

(JUU Me General Ledger tab in the file Chapter 04 b - Problem 4-1 Forms for the accounts in OPJ's
accounting system.)
Feb 01
Take $4,000 cash out of Big Bank to pay for February's warehouse rent.
Feb 04
Sale of inventory to a customer – selling price $62,000 – cost of inventory sold
$16,000 – customer paid cash which was deposited in Big Bank.
Feb 07
Take $10,000 cash out of Little Bank to pay employees for wages they have earned.
Feb 15
Sale of inventory to a customer – selling price $88,000 – cost of inventory sold
$22,000 – customer will pay in the future.
Feb 18
Sale of inventory to a customer – selling price $110,000 – cost of inventory sold
$28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer
will pay for the remaining amount of the sale in 30 days.
Feb 22
Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory.
Feb 27
Take $23,000 cash out of Little Bank to pay employees for wages they have earned.
Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to
Big Bank for February – interest will be paid in June.
Feb 28
Adjust the Interest Payable-Little Bank account to record the $450 of interest owed
to Little Bank for February – interest will be paid in March.
Feb 28
Requirement 2
the entries from the General Journal to the General Ledger accounts,

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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