Help Save Exit tollws inchudes the tolkowing accounts balan

Help Save & Exit tollws inchudes the tolkowing accounts balances: Cash $15,00 Equipment, $85,000, Accumulated The company\'s ajusted trial balance as Deprecsaion s2s.000 Accounts Payable, $10,000, Retained Eamings, $59.000 Dvidends, $2.000, Fees Eamed, $56.000, Depreciation Expense $2500e and Salaries Expense $23,000. All accounts have normal balances Prepare olosing entry 13 by selecting the account names a lar anouns trom the drop-down mens Credit Date Account Title Dec. 31 select select select Submit answer & 8 9 0 5 6

Solution

Date Accounts title Dr. Cr. 31 Dec fees earned 56000 To Retained earnings 56000 [Being transfer the income to retained earnings] 31 Dec Retained earnings 48000 To Depreciation expense 25000 To salaries expense 23000 [Being transfer the expenses to retained earnings] 31 Dec Retained earnings 2000 To Dividends 2000 [Being dividend is paid out of retained earnings]