1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
crimeas [40]
4 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:
34kurt4 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.

You might be interested in
What are the powers and responsibilities of the top management of a corporation?. A) They manage the day-to-day operations of th
tankabanditka [31]
The power and responsibilities of the top management of a corporation is : A. they manage the day to day operations of the corporation

For example, if you're a Relationship manager, you are obliged to handled all the things related in maintaining good relationship with the customers

hope this helps
8 0
3 years ago
Pete is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he
andreev551 [17]

Answer:

GDP is not affected by Pete's production of the jewelry box.

Explanation:

Pete is a woodworker and works 20 hours to prepare a jewelry box to gift his wife. If Pete prepares this jewelry box to sell and earn revenue, this will be considered in GDP but in this case Pete prepares a jewelry box to give his wife as his wife's birthday gift.

All types of gifts received or given in kind are not included in Gross Domestic Production.

6 0
3 years ago
On june 8, alton co. issued an $90,000, 6%, 120-day note payable to seller co. assuming a 360-day year for your calculations, wh
Firlakuza [10]
Maturity Value = Principal  x ( 1 + Rate x Time )
Here is:
Principal = $90,000
Rate = 6% = .06
Time = 120 / 360
Maturity value = $90,000 x ( 1 + .06 x 120/360 ) =
= $90,000 x ( 1 + .02 ) =
= $90,000 x 1.02 = $91,800
Answer:   c. $91,800
8 0
3 years ago
It's essential to know how to check your account balance in order to manage
bazaltina [42]

Answer:contact the FDIC/NCUA

Explanation:The FDIC/NCUA would not be able to provide any account information. FDIC is Federal Deposit Insurance Corporation and it’s an independent agency. NCUA is National Credit Union Administration is also a independent agency. FDIC are for banks and NCUA is for credit unions. They both regulate and insure deposits.

4 0
3 years ago
Anthony is contemplating selling the bonds he holds prior to their date of maturity. Which of the following may result in Anthon
kipiarov [429]
His employing i dont know just guess and hope you get it right
7 0
4 years ago
Other questions:
  • An expectation that people will help those who depend on them is known as the
    8·1 answer
  • Athleisure, Inc. sells athletic gear by sending customers a catalog nine times a year. The company has no retail stores or websi
    10·1 answer
  • A statement of cash flows ...
    7·1 answer
  • When consumers and businesses have greater confidence that they will be able to repay in the future, _______________________. Qu
    13·1 answer
  • Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co
    10·1 answer
  • Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift
    14·1 answer
  • In a perpetual inventory system, inventory is initially recorded at ______.
    7·1 answer
  • Set up abs solve an equation for the following business situation
    8·1 answer
  • Grasping, strategies for problem solving, driving a car, and balancing a budget are all examples of ______, according to piaget.
    10·1 answer
  • True or false: revenue is recorded when services are performed, whereas deferred revenue is recorded when cash is received from
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!