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The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts payable $9000...

The following accounts and balances are taken from Moore Company's adjusted trial balance:

Accounts payable $9000

Accounts Receivable $2800

Accumulated depreciation $1200

Depreciation Expenses $1700

Dividends $2100

Insurance expense $2500

Intrest revenue $1440

Prepaid insurance $2120

Retained earnings $10000

Salary expenses $26100

Service revenue $38800

What is the ending balance in retained earnings after the closing entries are completed?

A. $7840

B. $40240

C. $9940

D. $17840

Solutions

Expert Solution

Ending balance in retained earnings after the closing entries are completed is as shown below:

Opening Balance of Retained Earning 10,000
Add: Net Income
Income
Service Revenue 38,800
Interest Revenue 1,440
Less Expenses
Salary Expense 26,100
Depreciation Expense 1,700
Insurance Expense 2,500
Less: Dividends 2,100
Closing Balance of Retained Earning 17,840

Answer is D.

ekkarill92 answered 2 years ago
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