Answered: Retained Earnings Dividends Fees Earned… | bartleby

Quickbooks Online Accounting

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 2.3C

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Retained Earnings
Dividends
Fees Earned
Wages Expense
Rent Expense
Supplies Expense
Miscellaneous Expense
$700,350
45,000
756,565
496,700
119,200
44,705
14,900
Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Nov. 30 Fees Earned
Wages Expense
Nov. 30
Rent Expense
Supplies Expense
Dividends
700,350 X
496,700
119,200
44,705
X
45,000 X
X
14,900 X
Miscellaneous Expense
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Chap 11
On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.
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