Reference no: EM132583988
Thompson Company had the following adjusted trial balance:
Account Titles Debit Credit
Cash 27,100
Accounts Receivable 25,390
Supplies 22,830
Equipment 62,340
Accumulated Depreciation 12,512.37
Accounts Payable 6,493.76
Unearned Rent Revenue 2,874.05
Capital Stock 35,510.14
Retained Earnings 41,769.99
Dividends 16,700
Commission Revenue 66,624.66
Rent Revenue 12,176.02
Depreciation Expense 5,100
Utilities Expense 10,900
Supplies Expense 7,600
Total 177,960 177,960
The president of Thompson Company has asked you to close the books After the closing process has been completed, answer the following questions.
Question 1: What is the balance in the rent revenue account?
Question 2: What is the balance in the Retained Earnings account?
Question 3: During the closing process, what amount was transferred from the Income Summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)?
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