The adjusted trial balance prepared decembers 31 for cheryl, Ask an Expert

Accounting

The adjusted trial balance prepared Decembers 31, for Cheryl Fontaine & Company, shipping agent, containds the following accounts:

Comissions earned (+CR) $84,900

Wages Expense (+DR) $36,000

Insurance Expense (+DR) $1,900

Utilities Expense (+DR) $8,200

Depriciations Expense (+DR) $9,800

Dividenda (+DR) $12,000

Common Stock (+CR) $50,000

Retaind Earnings (+CR) $22,100

Prepare journal entries to close the accounts directly to retained earnings. After these entries are posted, what is the ending balance in the retained earnings account?

The adjusted trial balance prepared Decembers 31, for Cheryl Fontaine & Company, shipping agent, containds the following accounts:

Comissions earned (+CR) $84,900

Wages Expense (+DR) $36,000

Insurance Expense (+DR) $1,900

Utilities Expense (+DR) $8,200

Depriciations Expense (+DR) $9,800

Dividenda (+DR) $12,000

Common Stock (+CR) $50,000

Retaind Earnings (+CR) $22,100

Prepare journal entries to close the accounts directly to retained earnings. After these entries are posted, what is the ending balance in the retained earnings account?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963077

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - what are the steps to obtain the expected stock

Question - What are the steps to obtain the expected stock price 5 years from now if stock is currently selling for $62.8 per share? The dividend is projected to increase at a constant rate of 7.5% per year. Required rat ...

Question - nmc has an average charge per client per of

Question - NMC has an average charge per client per of $12.00.its overhead are $15,956 and the trainer takes $* from every commission /charge. How many clients does the NMC need to serve in a year to break even? The trai ...

Question - marvin services corporation had the following

Question - Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000Accounts receivable 2,000 Land14,000 Buildings? Unearned service revenue 4,000 Cash 6,000 Total st ...

Question - ahnen company owns the following

Question - Ahnen Company owns the following investments. Trading securities (fair value): $70,000 Available-for-sale securities (fair value): 40,000 Held-to-maturity securities (amortized cost): 47,000 What will Ahnen re ...

Question - garfield gunman purchased as a held-to-maturity

Question - Garfield Gunman; purchased, as a held-to-maturity investment, $80,000 of the 9%, 5-year bond on Chester Corporation for $70,086, which provides an 11% return. Prepare Garfield's journal entries for (a) the pur ...

Question - an individual received 70 capital interest in a

Question - An individual received 70% capital interest in a general partnership by contributing investment land purchased 10 years ago for 40000 values 60000 and a personal non business truck purchased 9 months ago for 1 ...

Question - revenue recognitionmidwest health club mhc

Question - Revenue Recognition Midwest Health Club (MHC) offers 1-year memberships. Membership fees are due in full at the beginning of the individual membership period. As an incentive to new customers, MHC advertised t ...

Question - jessicas aunt died and left her a house and some

Question - Jessica's aunt died and left her a house and some money to her and 2 of her siblings. Jessica has four siblings total. Although 2 of her siblings were not listed as beneficiaries, they have agreed to split all ...

Question - lirin inc factors 6000000 of its accounts

Question - Lirin Inc. factors $6,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the amounts receivable for possible adjustments. Lir ...

Question - for the next six months rushford designs

Question - For the next six months, Rushford Designs projects the following information (in units). July Aug. Sept. Oct. Nov. Dec. Retail demand 300 300 450 600 600 600 Dealer demand 600 750 1,050 1,200 1,200 1,350 Sho ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert