what is the balance in retained earnings after the closing entries are posted 551014
Closing entries
The data for Amanda’s Tax Service, Inc., for the year ended August 31, 2012, follow:
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what is the balance in retained earnings after the closing entries are posted 551014
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|
Cost of goods sold |
$ 62,000 |
Sales revenue |
$ 125,000 |
|
Dividends |
14,000 |
Operating expenses |
44,000 |
|
Interest revenue |
1,800 |
Retained earnings |
24,000 |
Requirements
1.Journalize the required closing entries for the year.
2.What is the balance in Retained earnings after the closing entries are posted?
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