Torres Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Ubilities Expense Supplies Expense Total Debit $29,610 19,950 7,930 44,600 16,700 6,200 8,700 5,900 $ 139,590 Credit $8,300 3,610 1,510 52,470 20,600 46,500 6,600 $ 139,590 The president of Torres Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry e, after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? What is the balance in the Retained Earnings account? a SO 0 0

Torres Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Ubilities Expense Supplies Expense Total Debit $29,610 19,950 7,930 44,600 16,700 6,200 8,700 5,900 $ 139,590 Credit $8,300 3,610 1,510 52,470 20,600 46,500 6,600 $ 139,590 The president of Torres Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry e, after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? What is the balance in the Retained Earnings account? a SO 0 0

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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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
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