The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPA
The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPA | savvyessaywriters.org
- The adjusted trial balance shown below is for Rich Company at the end of its fiscal year:
RICH COMPANY
Trial Balance
March 31, 2014
______________________________________________________________________
Debit Credit
Cash $ 12,900
Accounts Receivable 9,400
Supplies 700
Prepaid Insurance 2,500
Equipment 16,000
Accumulated Depreciation—Equipment $ 4,800
Accounts Payable 5,800
Salaries and Wages Payable 1,100
Unearned Rent Revenue 600
Common Stock 15,000
Retained Earnings 5,600
Service Revenue 34,600
Rent Revenue 14,400
Salaries and Wages Expense 18,100
Supplies Expense 1,800
Rent Expense 12,000
Insurance Expense 1,500
Depreciation Expense 1,200
Dividends 5,800
$81,900 $81,900
Instructions:
- Construct the closing journal entries only for the temporary accounts at 3/31;
- The NEW value of Retained Earnings is: ____________________
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