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3 years ago

6

After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the led

ger of Diamond Landscaping Co.: Retained Earnings $2,550,000 Dividends 25,000 Fees Earned 1,150,000 Wages Expense 613,750 Rent Expense 120,000 Supplies Expense 9,150 Miscellaneous Expense 11,000 Journalize the two entries required to close the accounts.

1 answer:

Elenna [48]3 years ago

6 0

Answer:

Nov-30

Dr Fees Earned $1,150,000

Cr Wages Expenses $613,750

Cr Rent Expenses $120,000

Cr Supplies expense $9,150

Cr Miscellaneous expenses $11,000

Cr Retained earnings $396,100

Nov-30

Dr Retained Earnings $25,000

Cr Dividends $25,000

Explanation:

Preparation of the two journal entries required to close the accounts.

Nov-30

Dr Fees Earned $1,150,000

Cr Wages Expenses $613,750

Cr Rent Expenses $120,000

Cr Supplies expense $9,150

Cr Miscellaneous expenses $11,000

Cr Retained earnings $396,100

[1150000-613750-120000-9150-11000]

(To close revenues and expenses)

Nov-30

Dr Retained Earnings $25,000

Cr Dividends $25,000

(To close Dividend)

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Answer: Please refer to Explanation

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To make your question clearer, I have attached a table that demarcates the figures.

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4 years ago

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3 years ago

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Answer:

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3 years ago

Suppose that MUX = Y and MUY = X. The prices of good X and good Y are $5 and $4, respectively. How many units of good X does the

bagirrra123 [75]

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