Question

A company has the following adjusted trial​ balance: Account Debit Credit Cash $ 900$900 Accounts Receivable...

A company has the following adjusted trial​ balance:

Account

Debit

Credit

Cash

$ 900$900

Accounts Receivable

1 comma 2001,200

Inventory

2 comma 1002,100

Supplies

1 comma 7001,700

Prepaid Rent

700700

Land

5 comma 8005,800

Building

39 comma 30039,300
Accumulated

Depreciationlong dash—Building

$ 9 comma 000$9,000

Accounts Payable

7 comma 7007,700

Unearned Revenue

3 comma 9003,900

Notes​ Payable, due 2020

2 comma 4002,400

Common Stock

6 comma 8006,800

Retained Earnings

3 comma 5003,500

Dividends

1 comma 0001,000

Service Revenue

31 comma 80031,800

Rent Expense

1 comma 5001,500

Supplies Expense

1 comma 3001,300

Salaries Expense

6 comma 6006,600
Depreciation

Expenselong dash—Building

1 comma 5001,500

Utilities Expense

1 comma 5001,500

              

Totals

​$65,100

​$65,100

Which closing entry is​ needed?

A.Debit Retained Earnings for

$ 2 comma 800$2,800​,

credit Rent Expense for

$ 1 comma 500$1,500

and credit Supplies Expense for $ 1 comma 300$1,300

B.Debit Retained Earnings for

$ 9 comma 600$9,600​,

credit Salaries Expense for

$ 6 comma 600$6,600​,

credit Depreciation Expense for

$ 1 comma 500$1,500

and credit Utilities Expense for $ 1 comma 500$1,500

C.Debit Retained Earnings for

$ 1 comma 000$1,000

and credit Dividends $ 1 comma 000$1,000

D.

all of the above

Business   Accounting   
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Homework Answers

Answer #1

Answer is D. All of the above.

Explanation:

All the expense shown in the trial balance shall be Closed by transferring it to Retained earnings. Rent expense, Supplies expense, Salaries expenses, Depreciation expenses and Utilities expense having debit balance shall be closed by transferring it to Income Summary by debting the Income summary account and crediting the respective expense account.

Likewise the dividend paid and declared having a debit balance shall be closed by debiting the Income Summary account and credited to Dividend account.

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