Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense Select one: Debit Credit $7,750 6,375 11,250 a. $11,000. b. $7,250. c. Zero. Od. $22,250. 3,750 8,000 1,625 2,125 $3,000 3,875 11,250 -0- Totals $40,875$ 40,875 After closing the accounts, Retained Earnings at December 31 equals: 22,750

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense Select one: Debit Credit $7,750 6,375 11,250 a. $11,000. b. $7,250. c. Zero. Od. $22,250. 3,750 8,000 1,625 2,125 $3,000 3,875 11,250 -0- Totals $40,875$ 40,875 After closing the accounts, Retained Earnings at December 31 equals: 22,750

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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