Given the following adjusted trial balance: \(\begin{array}{cc}
& \text{ \underline{\text{ \underline{\text{Debit }} }} } & \text{ \underline{\text{\underline{\text{ Credit}} }} } \
\text{ Cash} .................................................................... & \$1,562 & \
\text{ Accounts receivable } ............................................& 2,098 & \
\text{ Inventory } ........................................................... & 3,124 & \
\text{ Prepaid rent } ...................................................... & 86 & \
\text{ Equipment } ...................................................... & 300 & \
\text{ Accumulated depreciation-equipment }............... & & 52 \
\text{ Accounts payable }............................................ & & 82 \
\text{ Unearned service revenue } ................................... & & 122 \
\text{ Common stock } ......................................................& & 206 \
\text{ Retained earnings } ................................................. & & 6,610 \
\text{ Service revenue } ......................................................& & 268 \
\text{ Interest revenue } ...................................................... & & 56 \
\text{ Salaries and wages expense } ......................................& 160 & \
\text{ Travel expense } ........................................................... & \underline{\text{66 }} & -\
\text{ Total } .......................................................................... & \underline{\text{ \underline{\text{\$7,396 }} }} & \underline{\text{\underline{\text{\$7,396 }} }} \

\end{array}\) After closing entries have been posted, the balance in retained earnings will be:

Question

Given the following adjusted trial balance: \(\begin{array}{cc}
& \text{  \underline{\text{ \underline{\text{Debit }}  }}   }   & \text{ \underline{\text{\underline{\text{ Credit}}   }}     }  \
\text{  Cash} ....................................................................  & \$1,562 & \
\text{  Accounts receivable }  ............................................& 2,098 & \
\text{ Inventory  } ........................................................... & 3,124 & \
\text{  Prepaid rent } ...................................................... & 86 & \
\text{  Equipment } ...................................................... & 300 & \
\text{  Accumulated depreciation-equipment }...............   & & 52 \
\text{ Accounts payable  }............................................  & & 82 \
\text{  Unearned service revenue } ................................... & & 122 \
\text{ Common stock  }  ......................................................& & 206 \
\text{ Retained earnings  } ................................................. & & 6,610 \
\text{  Service revenue }  ......................................................& & 268 \
\text{ Interest revenue  } ...................................................... & & 56 \
\text{  Salaries and wages expense }  ......................................& 160 & \
\text{  Travel expense } ........................................................... & \underline{\text{66 }}   & -\
\text{  Total } .......................................................................... & \underline{\text{ \underline{\text{\$7,396 }}  }}   & \underline{\text{\underline{\text{\$7,396 }}   }}   \
 
\end{array}\) After closing entries have been posted, the balance in retained earnings will be:

Quizplus · Accepted Answer

The Answer of Given the following adjusted trial balance: \(\begin{array}{cc}
& \text{  \underline{\text{ \underline{\text{Debit }}  }}   }   & \text{ \underline{\text{\underline{\text{ Credit}}   }}     }  \
\text{  Cash} ....................................................................  & \$1,562 & \
\text{  Accounts receivable }  ............................................& 2,098 & \
\text{ Inventory  } ........................................................... & 3,124 & \
\text{  Prepaid rent } ...................................................... & 86 & \
\text{  Equipment } ...................................................... & 300 & \
\text{  Accumulated depreciation-equipment }...............   & & 52 \
\text{ Accounts payable  }............................................  & & 82 \
\text{  Unearned service revenue } ................................... & & 122 \
\text{ Common stock  }  ......................................................& & 206 \
\text{ Retained earnings  } ................................................. & & 6,610 \
\text{  Service revenue }  ......................................................& & 268 \
\text{ Interest revenue  } ...................................................... & & 56 \
\text{  Salaries and wages expense }  ......................................& 160 & \
\text{  Travel expense } ........................................................... & \underline{\text{66 }}   & -\
\text{  Total } .......................................................................... & \underline{\text{ \underline{\text{\$7,396 }}  }}   & \underline{\text{\underline{\text{\$7,396 }}   }}   \
 
\end{array}\) After closing entries have been posted, the balance in retained earnings will be:

Given the Following Adjusted Trial Balance After Closing Entries Have Been Posted, the Balance in Retained