Complete the closing entries for the following: This is what I have so far for c
ID: 2422850 • Letter: C
Question
Complete the closing entries for the following:
This is what I have so far for closing entries but I think retained earnings is wrong...
Klean Kars Balance Sheet December 31, ____ Assets Cash 49764 Accounts Receivable 5668 Cleaning Supplies 580 Prepaid Insurance 1665 Prepaid Rent 825 Office Equipment 8000 Accum. Dep - Office Equip -800 Computer Equipment 20000 Accum. Dep - Computer Equip -1200 Total Assets 84502 Liabilities Accounts Payable 1100 Wages Payable 500 Unearned Services Revenue 1500 Total Liabilities 3100 Stockholders Equity Common Stock 44850 Retained Earnings 36552 Total Stockholders Equity 81402 Total Liabilities & Stockholders Equity 84502Explanation / Answer
Retained earnings is absolutely correct . The balance in income summary account is closed to retained earnings , which equals net income