Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance. Newbond LimitedAdjusted Trial Balance30 June 2020AccountDebitCredit$Accounts Payable8,600Accounts Receivable24,300Accumulated depreciation9,300Bank Loan15,000Cash23,800Depreciation expense4,500Dividends paid13,000Interest ExpenseMotor Vehicles2,80025,000Other income11,200Prepayments12,900Rent Expense18,000Retained Earnings – 1/7/1910,000Service Revenue170,000Share capitalSupplies20,0002,400Supplies expense500Utilities Expense14,900Wages Expense102,000Total244,100244,100

Closing entries are passed to close all those accounts which are temporary in nature and are opened…

Answered: Prepare closing entries(Narration not…

Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance.

Newbond Limited
Adjusted Trial Balance
30 June 2020
Account
Debit
Credit
$
Accounts Payable
8,600
Accounts Receivable
24,300
Accumulated depreciation
9,300
Bank Loan
15,000
Cash
23,800
Depreciation expense
4,500
Dividends paid
13,000
Interest Expense
Motor Vehicles
2,800
25,000
Other income
11,200
Prepayments
12,900
Rent Expense
18,000
Retained Earnings – 1/7/19
10,000
Service Revenue
170,000
Share capital
Supplies
20,000
2,400
Supplies expense
500
Utilities Expense
14,900
Wages Expense
102,000
Total
244,100
244,100

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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