question archive The following financial information was taken from the books of Randy’s gym, a small fitness club:Accounts Receivable$12,450Accounts Payable6,200Salaries Payable3,150Cash36,750Dividends2,000Operating expenses35,300Prepaid Rent1,200Rent Expense8,400Retained Earnings 1/1/201541,250Salaries Expense14,500Service Revenue65,400Supplies650Supplies Expense3,150Common Stock7,000Unearned Revenue6,400Land15,000a

The following financial information was taken from the books of Randy’s gym, a small fitness club:Accounts Receivable$12,450Accounts Payable6,200Salaries Payable3,150Cash36,750Dividends2,000Operating expenses35,300Prepaid Rent1,200Rent Expense8,400Retained Earnings 1/1/201541,250Salaries Expense14,500Service Revenue65,400Supplies650Supplies Expense3,150Common Stock7,000Unearned Revenue6,400Land15,000a

Subject:AccountingPrice: Bought3

The following financial information was taken from the books of Randy’s gym, a small fitness club:Accounts Receivable$12,450Accounts Payable6,200Salaries Payable3,150Cash36,750Dividends2,000Operating expenses35,300Prepaid Rent1,200Rent Expense8,400Retained Earnings 1/1/201541,250Salaries Expense14,500Service Revenue65,400Supplies650Supplies Expense3,150Common Stock7,000Unearned Revenue6,400Land15,000a. Prepare the journal entries necessary to close the temporary accounts at December 31, 2015 for Randy’s gym and spab. What is the balance in the Retained Earnings account after the closing entries are posted?

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE