41The following is the adjusted trial balance for Tuttle Photography.
AccountsDebitCredit
Cash$15,000
Accounts receivable30,000
Prepaid insurance7,500
Office supplies3,200
Land40,000
Building160,000
Accumulated depreciation$12,000
Equipment75,000
Accumulated depreciation8,500
Accounts payable12,000
Salaries payable2,000
Unearned service revenue25,000
Mortgage payable100,000
Common stock10,000
Retained earnings11,290
Dividends23,000
Service revenue289,000
Salaries expense61,000
Depreciation expense6,150
Supplies expense14,040
Insurance expense14,000
Utilities expense20,900
$469,790$469,790
After the closing entries, what will the final balance in Retained earnings be?
A)$207,200
B)$184,200
C)$416,380
D)$161,200
42Please refer to the following adjusted trial balance. What will the final ending balance in the Retained earnings account be after posting the closing entries?
Account TitleDebitCredit
Cash$1,700
Accounts receivable8,500
Supplies100
Equipment7,500
Accumulated depreciation$2,000
Accounts payable1,200
Salary payable800
Unearned revenue600
Common stock1,000
Retained earnings2,400
Dividends2,300
Service revenue.40,000
Salary expense24,000
Supplies expense2,300
Depreciation expense1,600
$48,000$48,000
A)$12,200
B)$14,500
C)$16,800
D)$10,200
43The following is the adjusted trial balance for Tuttle Photography.
AccountsDebitCredit
Cash$15,000
Accounts receivable30,000
Prepaid insurance7,500
Office supplies3,200
Land40,000
Building160,000
Accumulated depreciation$12,000
Equipment75,000
Accumulated depreciation8,500
Accounts payable12,000
Salaries payable2,000
Unearned service revenue25,000
Mortgage payable100,000
Common stock10,000
Retained earnings11,290
Dividends23,000
Service revenue289,000
Salaries expense61,000
Depreciation expense6,150
Supplies expense14,040
Insurance expense14,000
Utilities expense20,900
$469,790$469,790
Using the information from the worksheet above, prepare the closing entry for Revenues.
44The following is the adjusted trial balance for Tuttle Photography.
Cash$15,000
Accounts receivable30,000
Prepaid insurance7,500
Office supplies3,200
Land40,000
Building160,000
Accumulated depreciation$12,000
Equipment75,000
Accumulated depreciation8,500
Accounts payable12,000
Salaries payable2,000
Unearned service revenue25,000
Mortgage payable100,000
Common stock10,000
Retained earnings11,290
Dividends23,000
Service revenue289,000
Salaries expense61,000
Depreciation expense6,150
Supplies expense14,040
Insurance expense14,000
Utilities expense20,900
$469,790$469,790
Using the information from the worksheet above, prepare the closing entry for Expenses.
45The following is the adjusted trial balance for Tuttle Photography.
AccountsDebitCredit
Cash$15,000
Accounts receivable30,000
Prepaid insurance7,500
Office supplies3,200
Land40,000
Building160,000
Accumulated depreciation$$12,000
Equipment75,000
Accumulated depreciation8,500
Accounts payable12,000
Salaries payable2,000
Unearned service revenue25,000
Mortgage payable100,000
Common stock10,000
Retained earnings11,290
Dividends23,000
Service revenue289,000
Salaries expense61,000
Depreciation expense6,150
Supplies expense14,040
Insurance expense14,000
Utilities expense20,900
$469,790$469,790
Using the information from the worksheet above, prepare the closing entry for the Income summary account.
46The following is the adjusted trial balance for Tuttle Photography.
AccountsDebitCredit
Cash$15,000
Accounts receivable30,000
Prepaid insurance7,500
Office supplies3,200
Land40,000
Building160,000
Accumulated depreciation$12,000
Equipment75,000
Accumulated depreciation8,500
Accounts payable12,000
Salaries payable2,000
Unearned service revenue25,000
Mortgage payable100,000
Common stock10,000
Retained earnings11,290
Dividends23,000
Service revenue289,000
Salaries expense61,000
Depreciation expense6,150
Supplies expense14,040
Insurance expense14,000
Utilities expense20,900
$469,790$469,790
Using the information from the worksheet above, prepare the closing entry for Dividends.