The future value of $100 received today and deposited in an account for four years paying semiannual interest of 6 percent is
1 answer:
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Answer:
See explanation section
Explanation:
Requirement A
Balance Sheet and Income Statement = See image below
Requirement B
RD Consulting
Closing Entries
December 31 Fees Income Debit 15,300
Income Summary Credit 15,300
(To close the revenues)
December 31 Income Summary Debit $5,820
Supplies Expense Credit $730
Insurance Expense Credit 580
Depreciation Expense–Equipment Credit 530
Salaries Expense Credit 3,000
Utilities Expense Credit 980
(To close the expenses)
December 31 Income Summary Debit $9,480
Roger Dye, Capital Credit $9,480
($15,300 - 5,820) = $9,480
(To close income summary to capital)
December 31 Roger Dye, Capital Debit 3,300
Roger Dye, Drawing Credit 3,300
(To close the drawings to capital)
