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crimeas [40]
3 years ago
14

Francis Real Estate Company has the following account balances at December 31, the end of its fiscal year. Debit Credit Commissi

ons Earned....... $84,900 Wages Expense....... $36,000 Insurance Expense....... 1,900 Utilities Expense....... 8,200 Depreciation Expense....... 9,800 Retained Earnings....... 72,100 Assume that the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. After these entries are posted, what is the balance of the Retained Earnings account
Business
1 answer:
34kurt3 years ago
4 0

Answer:

Dr Commissions earned 84,900

    Cr Income summary 84,900

Dr Income summary 55,900

    Cr Wages Expense 36,000

    Cr Insurance Expense 1,900

    Cr Utilities Expense 8,200

    Cr Depreciation Expense 9,800

Dr Income summary 29,000

    Cr Retained earnings 29,000

The balance of the retained earnings account is $101,100 after all temporary accounts have been closed.

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Answer: The answer has been attached

Explanation:

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The journal has been attached in the following way:

1. The journal was used to record the balance sheet particulars.

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Further explanation can be found in the attached file.

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Answer:

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