Answer:
C. $737,500
Explanation:
The formula to compute the ending balance of retained earning is shown below:
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
= $659,000 + $220,000 - $141,500
= $737,500
The net income is calculated below:
= Sales revenues - expenses
$600,000 - $380,000
= $220,000
Answer:
The sum of the debits will exceed the sum of the credits by $340. (None of the options given).
Explanation:
The right posting on the payment of $210 for the purchase office supplies would be;
Debit office supplies account $210
Credit Cash account $210
However since the debit to office supplies was $550 which is 340 (i.e $550 - $210) more than what the amount to have been posted is, it means that the sum of the debits will exceed the sum of the credits by $340.
Answer: The answer is provided below
Explanation:
Adjusting entries are the entries that are passed at the end of the year. They are passed to adjust the account so as to make them follow the matching principle.
In the calculation attached, it should be noted that the salary expenses was calculated as the amount earned per day by the number of days. This is:
= $800 × 5
= $4000.
The necessary journal has been attached
Answer:
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B/ <span>Cost of repainting the kitchen before moving in</span>
