FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Bookkeeping
Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.
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Data table Common stock... Service revenue. Unearned revenues Salaries expense Accumulated depreciation Supplies expense.. Interest revenue Interest expense. $ 24,000 Accounts receivable 102,000 Retained earnings. 2,100 Salaries payable ... 17,300 Depreciation expense 32,600 Rent expense.. 1,900 Dividends.. 500 Supplies.. Print 2,600 Done $ 13,000 7,900 1,200 8,000 5,800 8,000 1,800 I
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Transcribed Image Text:Data table Common stock... Service revenue. Unearned revenues Salaries expense Accumulated depreciation Supplies expense.. Interest revenue Interest expense. $ 24,000 Accounts receivable 102,000 Retained earnings. 2,100 Salaries payable ... 17,300 Depreciation expense 32,600 Rent expense.. 1,900 Dividends.. 500 Supplies.. Print 2,600 Done $ 13,000 7,900 1,200 8,000 5,800 8,000 1,800 I
create a jounral entry starting with revenue acccounts, then a journal entry with expense accounts, then a journal entry with dividends accounts. Then tell me what my retained earning balance isData table
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Transcribed Image Text:create a jounral entry starting with revenue acccounts, then a journal entry with expense accounts, then a journal entry with dividends accounts. Then tell me what my retained earning balance isData table
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Step 1: Definition of income summary account:
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Step 2: Preparing the required journal entries:
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Step 3: Calculation of retained earnings balance:
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