The following financial information was taken from the books of Zone Health Club, a small spa and fitness club. Account Balances as of December 31, Year 2 Accounts Receivable Accounts Payable Salaries Payable Cash Dividends Operating Expenses Prepaid Rent Rent Expense Retained Earnings, Beginning Salaries Expense Service Revenue Supplies Supplies Expense Common Stock Unearned Revenue Land $28,000 7,030 11,300 45,000 5,200 2,690 2,900 7,300 18,200 30,500 77,400 520 2,250 17,900 7,030 14,500 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted?

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club. Account Balances as of December 31, Year 2 Accounts Receivable Accounts Payable Salaries Payable Cash Dividends Operating Expenses Prepaid Rent Rent Expense Retained Earnings, Beginning Salaries Expense Service Revenue Supplies Supplies Expense Common Stock Unearned Revenue Land $28,000 7,030 11,300 45,000 5,200 2,690 2,900 7,300 18,200 30,500 77,400 520 2,250 17,900 7,030 14,500 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted?

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The following financial information was taken from the books of Zone Health Club, a smal

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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