<u>Calculation of ending retained earnings balance after closing:</u>
The balance in ending retained earnings after closing can be calculated as follows:
Balance in retained earnings account before closing $297,000
Add: Revenues $185,000
Less: Expenses $103,700
Less: Dividends $18,000
Ending retained earnings balance after closing = $360,300
Hence, The balance in ending retained earnings after closing is <u>$360,300</u>
Um.. is that a question or just telling us?...
The transaction for the bill for newspaper advertising services will be recorded today as a debit to Advertising Expenses and a credit to Accounts Payable (Advertising Payable).
<h3>How is an accrued expense recorded?</h3>
An accrued expense refers to an incurred outgoing that the service has been enjoyed previously and payment is due later.
According to the matching principle and accrual concept of generally accepted accounting principles, all expenses incurred within a financial period must be recognized in that period whether cash has been exchanged or not.
Thus, the transaction for the bill for newspaper advertising services will be recorded today as a debit to Advertising Expenses and a credit to Accounts Payable (Advertising Payable).
Learn more about recording accrued expenses at brainly.com/question/14524895
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please elaborate i dont understande what your asking.
1. a large number of buyers and sellers
2. an identical or a homogeneous product
