As of December 31, Anne Teak’s Knick Knack Store shows the following account balances (after adjustments):Cash: $8,600Inventory: $4,700Prepaid Consulting: $600Accounts Receivable: $2,500Furniture (net of Accumulated Depreciation): $85,200Accounts Payable: $5,100Unearned Revenue: $1,900Loans Payable: $9,000Common Stock: $10,000Retained Earnings: $18,300Dividends: $1,500Subscriptions Revenue: $24,100Sales Income: $59,400Office Expense: $16,100Depreciation Expense: $2,600Office Supplies Expense: $4,700Telephone Expense: $1,300Questions:Prepare the closing entries for Anne Teak’s Knick Knack Store as of December 31. The only thing you may omit are journal entry explanations. You may assume all accounts have a normal debit or credit balance. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.25 points.)What is the balance in Retained Earnings as of December 31? (1 point)SPECIFIC INSTRUCTIONS: For each journal entry, type your response in the following format: DR (account name) $(amount) CR (account name) $(amount)For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: DR Cash $100 CR Accounts Payable $100(Note: we will be closing examining your work to check for similarities with other students’ work, so don’t even think about trying to commit academic dishonesty.)
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