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In: Accounting

Debit Credit Cash 4,400 Accounts Receivable 2,000 Prepaid Insurance 1,600 Equipment 15,000 Accumulated Depreciation - Equipment...

Debit

Credit

Cash

4,400

Accounts Receivable

2,000

Prepaid Insurance

1,600

Equipment

15,000

Accumulated Depreciation - Equipment

3,000

Accounts Payable

2,400

Note Payable

3,920

Unearned Fees

3,200

Common Stock

5,000

Retained Earnings

2,700

Dividends

2,000

​

Fees Earned

37,000

Wages Expense

19,000

Depreciation Expense

1,800

Utilities Expense

320

Insurance Expense

700

Maintenance Expense

7,700

Income Tax Expense

2,700

  

57,220

57,220

Use the Adjusted Trial above to calculate the Net Income (or Net Loss), and the Retained Earnings balance.

Format: Enter the amounts in as a whole number, WITH COMMAS, but NO DECIMALS OR DOLLAR SIGNS! If the number is a loss, add a negative sign in front of it!

Net Income (or Net Loss) $

Retained Earnings $

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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