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Determine the post-closing balance in Retained Earnings

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Question - Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Swifty Corporation is provided below.

Debit Credit

Accounts Receivable $53,720

Dividends 19,460

Depreciation Expense 9,770

Equipment 157,470

Salaries and Wages Expense 67,410

Accounts Payable $39,220

Accumulated Depreciation-Equipment 84,950

Unearned Rent Revenue 16,950

Service Revenue 136,010

Rent Revenue 4,590

Rent Expense 2,660

Retained Earnings 45,730

Supplies Expense 1,040

Required -

(a) Prepare closing entries.

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

Reference no: EM132625844

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