FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Torres Company had the following adjusted trial balance:
Account Titles
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Rent Revenue
Capital Stock
Retained Earnings
Dividends
Commission Revenue
Rent Revenue
Depreciation Expense
Ubilities Expense
Supplies Expense
Total
Debit
$29,610
19,950
7,930
44,600
16,700
6,200
8,700
5,900
$ 139,590
Credit
$8,300
3,610
1,510
52,470
20,600
46,500
6,600
$ 139,590
The president of Torres Company has asked you to close the books (prepare and process the closing entries).
Required:
After the closing process has been completed, answer the following questions:
During the closing process, what amount was
transferred from the income summary account to the
Retained Earnings account in the third closing entry
e, after revenue and expense accounts have been
closed to Income Summary)?
What is the balance in the commission revenue
account?
What is the balance in the Retained Earnings
account?
Clon
SO
0
0
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Transcribed Image Text:Torres Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Ubilities Expense Supplies Expense Total Debit $29,610 19,950 7,930 44,600 16,700 6,200 8,700 5,900 $ 139,590 Credit $8,300 3,610 1,510 52,470 20,600 46,500 6,600 $ 139,590 The president of Torres Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry e, after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? What is the balance in the Retained Earnings account? Clon SO 0 0
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