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just olya [345]
3 years ago
14

Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues $ 35,000 Retained Earnings, Jan. 1 10,0

00 Cash 7,000 Expenses 23,000 Accounts Payable 4,000 Dividends 1,000 Supplies 18,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries?
Business
1 answer:
Gennadij [26K]3 years ago
4 0

Answer:

$11,000 increase

Explanation:

The net adjustment made to retained earning account is shown below:

= Revenue earned - expenses incurred - dividend paid

= $35,000 - $23,000 - $1,000

= $11,000 increase

At the time of closing entries, we closed the revenues, expenses, and the dividend account and the net adjustment is made to the retained earning account

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