Balance Sheet
1
Assets
2
3
4
5
6
7
8
9
10
11
12
13
Liabilities
14
15
16
17
18
19
Stockholders’ Equity
20
21
22
23
Journal
2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 11
JOURNAL
ACCOUNTING EQUATION
DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY
1
Closing Entries
2
3
4
5
6
7
8
9
10
11
Balance Sheet
1
Assets
2
3
4
5
6
7
8
9
10
11
12
13
Liabilities
14
15
16
17
18
19
Stockholders’ Equity
20
21
22
23
Journal
2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 11
JOURNAL
ACCOUNTING EQUATION
DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY
1
Closing Entries
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Final Question
3. If Retained Earnings had instead decreased $40,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.
12
13
14
15
16
17
Final Question
3. If Retained Earnings had instead decreased $40,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.