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Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit $ 44,000 Cash Accounts receivable 28,000 Equipment Accumulated depreciation Notes payable 376,000 $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Service fees earned 326,000 Rent expense 44,000 Salaries expense 116,000 42,000 $650,000 $650,000 Depreciation expense Totals

Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit $ 44,000 Cash Accounts receivable 28,000 Equipment Accumulated depreciation Notes payable 376,000 $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Service fees earned 326,000 Rent expense 44,000 Salaries expense 116,000 42,000 $650,000 $650,000 Depreciation expense Totals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit $ 44,000 Cash Accounts receivable 28,000 Equipment Accumulated depreciation Notes payable 376,000 $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Service fees earned 326,000 Rent expense 44,000 Salaries expense 116,000 42,000 $650,000 $650,000 Depreciation expense Totals
Transcribed Image Text:Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit $ 44,000 Cash Accounts receivable 28,000 Equipment Accumulated depreciation Notes payable 376,000 $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Service fees earned 326,000 Rent expense 44,000 Salaries expense 116,000 42,000 $650,000 $650,000 Depreciation expense Totals
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Use EMBG's adjusted trial balance to prepare entries to close EMBG's temporary accounts (using Retained Earnings), in journal entry form.

 

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