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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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Its an asset of the household or business.
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3 years ago
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Zar company paid employee wages on and through friday,january,26 and the next playroll will be paid in february. Emploees work 5
garik1379 [7]

Answer:

Debit to Salaries Expense $2,700; Credit to Salaries Payable $2,700

Explanation:

In accounting, we have to recognize all expenses even though we haven't paid it yet. This is one of those instances.

The employees have worked for 3 days at the end of January but will not receive their payment on that day. That equates to $2,700 of salaries accrued at the end of January.

Accrued Expenses are recorded as payables, in this problem it's "Salaries Payable".

So to complete the adjusting journal entry:

(Debit)        Salaries Expense        $2,700

(Credit)                Salaries Payable              $2,700

3 0
2 years ago
A manager experiences a cashier shortage that averages $50. 00 per day. if the manager's operation is open 360 days per year, wh
ad-work [718]

A manager experiences a cashier shortage that averages $50. 00 per day. if the manager's operation is open 360 days per year, 1800 will be this manager's annual revenue loss due to cashier shortages

In colloquial language, the average is a single number representing a list of numbers, usually the sum of the numbers divided by the number of numbers in the list. For example, the average of the numbers 2, 3, 4, 7, and 9 is 5.

Suppose there are four types of means: mean, mode, median, and range. In fact, the range is a measure of spread or spread, while others are the most common "measure of central tendency".

Noun. Mean, Mean, Median, Standard means something that represents the midpoint. The average is the quotient obtained by dividing the sum of a set of numbers by the number of numbers. scored an average of 85 points on the test. The mean is the simple mean or the middle value between the two extremes.

In colloquial language, the average is a single number representing a list of numbers, usually the sum of the numbers divided by the number of numbers in the list. For example, the average of the numbers 2, 3, 4, 7, and 9 is 5.

Suppose there are four types of means: mean, mode, median, and range. In fact, the range is a measure of spread or spread, while others are the most common "measure of central tendency".

Noun. Mean, Mean, Median, Standard means something that represents the midpoint. The average is the quotient obtained by dividing the sum of a set of numbers by the number of numbers. scored an average of 85 points on the test. The mean is the simple mean or the middle value between the two extremes.

Learn more about averages   here

brainly.com/question/20118982

#SPJ4

5 0
1 year ago
Which of the following statements is not a difference between business markets and consumer​ markets?A. Buyers face more compl
marusya05 [52]

Answer:

E : the market is very small and limited

Explanation:

The statement that the market is very small and limited  is not a difference between business markets and consumer markets as the real difference is :

Business market larger in size :

If we talk from a Marketing Perspective point of view it Innovates through technological push and fanatics-breakthroughs which result in a rapid increase in the number of customers in the market and as the size of the market becomes larger.

3 0
3 years ago
What is the term that refers to a form of wealth that can be stored for the future?
Yuri [45]

Answer: The correct answer is asset.

Explanation: An asset is a form of wealth that can be stored for the future. Assets can occur in any number of forms, but the trait that they all have in common is that they can be converted to cash. Assets may be in the form of cash, equipment, property, vehicles, or anything else that has value.

6 0
3 years ago
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