Selected yearend account balances from the adjusted trial ba

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Pina Colada Corp. is provided below Debit $74,050 26,830 13,460 217,060 92,920 Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $54,060 117,100 23,360 187,480 6,320 3,670 63,040 1,430

Solution

Account titles and explanations Debit Credit 31-Dec service revenue 187,480 rent revenue 6,320 income summary 193,800 income summary 111,480 Depreciation expense 13,460 Salaries and wage expense 92,920 Rent expense 3,670 supplies expense 1,430 31-Dec income summary 82,320 Retained earnings 82,320 Retained earnings 26,830 Dividend 26,830