Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000

Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1E

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