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Svet_ta [14]
3 years ago
14

Kay Magill Company had the following adjusted trial balance.

Business
1 answer:
nadya68 [22]3 years ago
5 0

Explanation:

A. The preparation of the closing entries at June 30, 2015 is presented below:

1. Service Revenue A/c Dr $4,300

                To Income Summary $4,300

(Being revenue account closed)

2. Income summary A/c Dr $3,500

                 To Supplies Expense $1,900

                 To Salaries and Wages Expense $1,344

                 To Miscellaneous Expense $256

(Being expenses accounts are closed)

3. Income summary A/c Dr $800           ($4,300 - $3,500)

                      To Retained earning $800

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $628

                         To Dividend A/c $628

(Being dividend account is closed)

2. Now the post-closing trial balance is presented below:

Particulars                                    Debit                           Credit

Cash                                             $3,712

Accounts Receivable                  $3,904

Supplies                                       $480

Accounts Payable                                                             $1,556

Unearned Service Revenue                                             $160

Common Stock                                                                  $4,000

Retained Earnings                                                              $1,932    

Salaries and Wages Payable                                             $448

Total                                              $8,096                           $8,096

The retained earnings is

= $1,760 + $800 - $628

= $1,932

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