Supplies Expense5,600$120,180$120,180TotalThe president of Hill Company has asked you to close the books (prepare and process the cloRequired:After the closing process has been completed, answer the following questions:What is the balance in the utilitiesexpense account?During the closing process, what amountwas transferred from the incomesummary account to the RetainedEarnings account in the third closingentry (i.e., after revenue and expenseaccounts have been closed to IncomeSummary)?What is the balance in the RetainedEarnings account?XExplanationF1CheckF2S#20F3000000F4%F5Fo escA ALERS - ChisO CLOSING PROCESS AND FINANCIAL STATEMENTSEffects of closing entries on account balancesHill Company had the following adjusted trial balance:Account TitlesDebitCash$20,950Accounts Receivable15,150Supplies7,980Equipment38,100Accumulated$9,600DepreciationAccounts Payable3,030Deferred Rent Revenue1,580Capital Stock17,670Retained Earnings22,900Dividends15,000Commission Revenue59,900Rent Revenue5,500Depreciation Expense7,200Utilities Expense10,200Supplies Expense5,600Total$120,180$120,180The president of Hill Company has asked you to close the books (prepare and process the closing entriesExplanationCheck020000000F2F3F4F5F61F1(@#CCredit%>&

Name: Supplies Expense5,600$120,180$120,180TotalThe president of Hill Compa
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Description: Supplies Expense5,600$120,180$120,180TotalThe president of Hill Company has asked you to close the books (prepare and process the cloRequired:After the closing process has been completed, answer the following questions:What is the balance in the uti

Closing entries are those entries which are passed at the end of accounting period and these helps…

Business

Accounting

The president of Hill Company has asked you Required: After the closing process has been completed, answer the following questions: What is the balance in the utilities expense account? $0 During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? $0 What is the balance in the Retained Earnings account? $0 X Ś ?

The president of Hill Company has asked you Required: After the closing process has been completed, answer the following questions: What is the balance in the utilities expense account? $0 During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? $0 What is the balance in the Retained Earnings account? $0 X Ś ?

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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