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In: Accounting

Assume the following selected balances appear in their normal debit or credit column in the adjusted...

Assume the following selected balances appear in their normal debit or credit column in the adjusted trial balance for the Leonard Company:

Selected Accounts at 12/31/13

Cash

$19,500

Accounts Receivable

27,200

Accounts Payable

18,000

Capital Stock

50,000

Retained Earnings

20,400

Dividends

43,200

Service Revenue

388,000

Miscellaneous Expenses

168,000


Required:
a. Use T-Accounts to demonstrate the necessary closing entries for the company at 12/31/13. (T-accounts should show the balance before closing and the balance after closing.)
b.   Determine the Retained Earnings account balance after the year-end closing.

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Expert Solution

ekkarill92 answered 3 years ago
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