Need help finding retained earning for this closing entries with net loss question?
Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Fees Earned $257,000
Rent Expense 53,600
Retained Earnings 570,000
Supplies Expense 13,100
Wages Expense 225,200
Miscellaneous Expense 6,300
I understand how to close expenses, revenue, and dividends into debit/credit but the retained earning section has been throwing me off. Am I supposed to add/subtract the retained earning to expenses and revenues?
if you can explain this can you?
- olliverLv 64 weeks ago
The temporary accounts are closed directly to the retained earnings account or via and income summary account.
DR: Fees Earned $257,000
CR: Rent Expense 53,600
CR: Supplies Expense 13,100
CR: Wages Expense 225,200
CR: Miscellaneous Expense 6,300
DR Retained Earnings 76,200
Balance on retained earnings = 570000 - 76200 = 493800
- Anonymous4 weeks ago
So many dishonest cheaters