The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $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 first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit andcredit columns.View transaction listJournal entry worksheet<1The company's adjusted trial balance as follows includes the following.accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $25,000; Accounts Payable, $10,000; Retained earnings,$59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense,Note: Enter debits before credits.DateDecember 31General JournalDebitCredit

Part 2: Explanation Step 1: Identify the Temporary AccountsTemporary accounts that need to be closed…

Answered: The company's 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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Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
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, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list View journal entry worksheet General Journal No Date Debit Credit No Transaction Recorded Dec. 31
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