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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?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
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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 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? Required A Complete this question by entering your answers in the tabs below. Required B View transaction list Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet < A B C Record the closing entry for revenues. Note: Enter debits before credits. Event 1 $28,000 7,030 11,300 45,000 5,200 2,690 2,900 7,300 18,200 30,500 77,400 Record entry 520 2,250 17,900 7,030 14,500 General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text: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 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? Required A Complete this question by entering your answers in the tabs below. Required B View transaction list Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet < A B C Record the closing entry for revenues. Note: Enter debits before credits. Event 1 $28,000 7,030 11,300 45,000 5,200 2,690 2,900 7,300 18,200 30,500 77,400 Record entry 520 2,250 17,900 7,030 14,500 General Journal Clear entry Debit Credit View general journal >
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