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Eddi Din [679]
3 years ago
11

The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated De

preciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.
Required:
Prepare the first closing entry.

No Date General Journal Debit Credit
1 Dec 31 No Transaction recorded
Business
1 answer:
arlik [135]3 years ago
7 0

Answer:

Dr Fees Earned $56,000

Cr Income summary $56,000

Explanation:

Preparation of the first closing entry.

Based on the information given we were told that Fees Earned has the amount of $56,000 which means that Fees earned of the amount of $56,000 will be the first closing entry to close revenue account , and we are going to record the first Closing entry by Debiting Fees Earned with the amount of $56,000 and to Crediting Income summary with the same amount of $56,000

31 Dec

Dr Fees Earned $56,000

Cr Income summary $56,000

(To close revenue account)

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2 years ago
Match the technologies with the statements that most accurately describe them to test your understanding of how microorganisms a
Klio2033 [76]

Answer:

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6 0
3 years ago
Changes in the net working capital requirements: can affect the cash flows of a project every year of the project's life. only a
DIA [1.3K]

Answer:

can affect the cash flows of a project every year of the project's life.

Explanation:

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3 years ago
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Answer:

A

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7 0
4 years ago
Which of the following statements is incorrect?
suter [353]

Answer:

D) none of the statements associated with this question are incorrect.

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I hope my answer helps you

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