Plumlee Corporation has the following account balances at December 31, 2017. Debit Credit Service Fees Earned.......... $92,500 Interest Income.......... 2,200 Salaries Expense.......... $41,800 Advertising Expense.......... 4,300 Depreciation Expense.......... 8,700 Income Tax Expense.......... 9,900 Retained Earnings.......... 42,700 Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained Earnings account?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Plumlee Corporation has the following account balances at December 31, 2017.
Debit Credit
Service Fees Earned.......... $92,500
Interest Income.......... 2,200
Salaries Expense.......... $41,800
Advertising Expense.......... 4,300
Depreciation Expense.......... 8,700
Income Tax Expense.......... 9,900
Retained Earnings.......... 42,700
Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained Earnings account?
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