Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020:Accounts PayableAccounts ReceivableAccumulated depreciation, EquipmentAccumulated depreciation, WarehouseCashCash Dividends$ 24,96038,40010, 24020,4807,60018,800104,00077,60039,800109,60032,800108,40038,40026,920263, 200120, 800Common SharesEquipmentIncome Tax ExpenseLandNotes Payable, due in 2023Operating ExpensesPreferred SharesRetained EarningsRevenueWarehouseThe company uses an income summary account in the closing process.1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end.View transaction listJournal entry worksheet24Record to close the revenue account to the income summary.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 2020Record entryClear entryView general journal2. Calculate the post-closing balance in Retalned Earnings at December 31, 2020. (Amounts to be deducted should be indicated by aminus sign.)Post-Closing Balance in Retained Earnings:Retained eamings, December 31, 2019Retained eamings, December 31, 2020

No. Account Titles and Explanation Debit Credit 1 Revenue $263,200 Income Summary $263,200…

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends $ 24,960 38,400 10,240 20,480 7,600 18,800 104,000 77,600 39,800 109,600 32,800 108,400 38,400 26,920 263, 200 120,800 Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2823 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse The company uses an income summary account in the closing process.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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