Retained Earnings 49,000 Dividends Service Revenue 14,000 33,000 4,500 Salaries Expense Supplies Expense 31,800 2,700 1,400 Depreciation Expense-Building Depreciation Expense-Furniture 7,000 1,500

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

Preparing closing entries from T-accounts

Selected accounts for Kebby Photography at December 31, 2018, follow:

Requirements

  1. Journalize Kebby Photography’s closing entries at December 31, 2018.
  2. Determine Kebby Photography’s ending Retained Earnings balance at December 31, 2018.
Retained Earnings
49,000
Dividends
Service Revenue
14,000
33,000
4,500
Salaries Expense
Supplies Expense
31,800
2,700
1,400
Depreciation Expense-Building
Depreciation Expense-Furniture
7,000
1,500
Transcribed Image Text:Retained Earnings 49,000 Dividends Service Revenue 14,000 33,000 4,500 Salaries Expense Supplies Expense 31,800 2,700 1,400 Depreciation Expense-Building Depreciation Expense-Furniture 7,000 1,500
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