Required information The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Revenue, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the third closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. No 1 Date December 31 Income summary Retained earnings Answer is not complete. General Journal ›› Debit Credit 59,000 X
Required information The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Revenue, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the third closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. No 1 Date December 31 Income summary Retained earnings Answer is not complete. General Journal ›› Debit Credit 59,000 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please record closing for this transaction, I do not know why it's wrong
Transcribed Image Text:Required information
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated
Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Revenue, $56,000;
Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.
Prepare the third closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and
credit columns.
No
1
Date
December 31
Income summary
Retained earnings
X Answer is not complete.
General Journal
Debit
Credit
59,000 X
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