Solution-Set up T-accounts for each of the ledger accounts

Set up T-accounts for each of the ledger accounts

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Reference no: EM132862426

Question - Preparing Financial Statements and Closing Procedures - Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is:

Solomon Corporation Adjusted Trial Balance December 31, 2018

Debit Credit

Cash $4,000

Accounts Receivable 6,500

Equipment 78,000

Accumulated Depreciation $14,000

Notes Payable 10,000

Common Stock 43,000

Retained Earnings 12,600

Service Fees Revenue 71,000

Rent Expense 18,000

Salaries Expense 37,100

Depreciation Expense 7,000

Totals $150,600 $150,600

Required -

(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.

(b) Prepare entries to close its temporary accounts in journal entry form.

(c) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account?

Reference no: EM132862426

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Set up T-accounts for each of the ledger accounts

Reference no: EM132862426

Reference no: EM132862426

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