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In: Accounting

The following is the adjusted trial balance for Miller Company. NOTE: I'M GETTING 7840 FOR INCOME...

The following is the adjusted trial balance for Miller Company.

NOTE: I'M GETTING 7840 FOR INCOME SUMMARY AND RETAINED EARNINGS, BUT THE HOMEWORK SYSTEM SAYS ITS WRONG, HELP PLEASE!

Miller Company
Adjusted Trial Balance
December 31
Cash

8,130
Accounts Receivable

3,300
Prepaid Expenses

2,750
Equipment

10,400
Accumulated Depreciation

2,200
Accounts Payable

2,700
Notes Payable

1,000
Common Stock

9,200
Retained Earnings

2,000
Dividends

4,870
Fees Earned

36,600
Wages Expense

12,450
Rent Expense

4,900
Utilities Expense

3,475
Depreciation Expense

2,150
Miscellaneous Expense

1,275
Totals

53,700

53,700

Prepare closing entries. If an amount box does not require an entry, leave it blank or "0".

Fees Earned
Income Summary
Income Summary
Wages Expense
Rent Expense
Utilities Expense
Depreciation Expense
Miscellaneous Expense
Income Summary
Retained Earnings
Retained Earnings
Dividends

Feedback

Partially correct

Prepare the post closing trial balance. If an amount box does not require an entry, leave it blank or "0".

Miller Company
Post-Closing Trial Balance
December 31
Cash
Accounts Receivable
Prepaid Expenses
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Total $ $

Solutions

Expert Solution

Prepare closing entries. If an amount box does not require an entry, leave it blank or "0".

Date account and explanation debit credit
Fees earned 36600
Income summary 36600
(To close revenue account)
Income summary 24250
  Wages Expense 12450
Rent expense 4900
Utilities expense 3475
Depreciation Expense 2150
  Miscellaneous Expense 1275
(To close expense account)
Income summary 12350
Retained earnings 12350
(To close income summary account)
Retained earnings 4870
Dividend 4870
(To close dividend account)

Prepare the post closing trial balance. If an amount box does not require an entry, leave it blank or "0".

Miller Company
Post-Closing Trial Balance
December 31
Cash 8130
Account receivable 3300
Prepaid expenses 2750
Equipment 10400
Accumulated Depreciation 2200
Account payable 2700
Notes payable 1000
Common Stock 9200
Retained Earnings 9480
Total 24580 24580

ekkarill92 answered 1 year ago
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