Question

E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December...

E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Tippy Corporation is provided below.

Prepare closing entries.

Debit Credit
Accounts Receivable    $ 72,600   
Dividends 26,300
Depreciation Expense 13,200
Equipment 212,800
Salaries and Wages Expense 91,100
Accounts Payable $ 53,000
Accumulated Depreciation—Equipment 114,800
Unearned Rent Revenue 22,900
Service Revenue 183,800
Rent Revenue 6,200
Rent Expense 3,600
Retained Earnings 61,800
Supplies Expense 1,400

Instructions

a. Prepare closing entries

b. Determine the post-closing balance in Retained Earnings.

Homework Answers

Answer #1

a.

b.

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