Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closin have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit.

The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closin have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
Please do not give solution in image format thanku
The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closing entries have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit. O d. $2,800 credit.
Transcribed Image Text:The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $ 2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closing entries have been posted, Retained Earnings will have a balance of O a. $3,000 credit. O b. $5,200 credit. O c. $1,000 debit. O d. $2,800 credit.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS