Identifying and journalizing closing entries The accountant for Klein Photography has posted adjusting entries (a)–(e) to the following selected accounts at December 31, 2012.
|
Accounts receivable |
Supplies |
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|
46,000 |
|
5,000 |
(b) 2,400 |
|
(a) 2,000 |
|
|
|
|
Accumulated depr.—furniture |
Accumulated depr.—building |
||
|
|
8,000 |
|
30,000 |
|
|
(c) 800 |
|
(d) 6,200 |
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Salary payable |
Retained earnings |
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|
|
(e) 700 |
|
47,000 |
|
Dividends |
Service revenue |
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|
57,000 |
|
108,000 |
|
|
|
|
|
(a) 2,000 |
|
Salary expense |
Supplies expense |
||
|
25,400 |
|
(b) 2,400 |
|
|
(e) 700 |
|
|
|
|
Depreciation expense—furniture |
Depreciation expense—building |
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|
(c) 800 |
|
(d) 6,200 |
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Requirements
1. Journalize Klein Photography’s closing entries at December 31, 2012.
2. Determine Klein Photography’s ending Retained earnings balance at December 31, 2012.