question archive Prepare the required closing entries for the following selected accounts from the records of shipIT Transportation Inc
Prepare the required closing entries for the following selected accounts from the records of shipIT Transportation Inc
Subject:AccountingPrice: Bought3
Prepare the required closing entries for the following selected accounts from the records of shipIT Transportation Inc. at December 31, 2016.
Cost of services sold
$11,600
Accumulated depreciation
17,800
Selling, general, and administrative exp.
6,900
Retained earnings, December 31, 2015
1,900
Service revenue
23,600
Depreciation expense
4,100
Other revenue
600
Income tax expense
40
Dividends
400
Income tax payable
300
How much net income did ShiplT Transportation Inc. earn during the year ended December 31, 2016? T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings.
