Given the Following Adjusted Trial Balance After Closing Entries Have Been Posted, the Balance in Retained
Question 205
Question 205
Multiple Choice
Given the following adjusted trial balance: Cash.................................................................... Accounts receivable ............................................ Inventory ........................................................... Prepaid rent ...................................................... Equipment ...................................................... Accumulated depreciation-equipment ............... Accounts payable ............................................ Unearned service revenue ................................... Common stock ...................................................... Retained earnings ................................................. Service revenue ...................................................... Interest revenue ...................................................... Salaries and wages expense ...................................... Travel expense ........................................................... Total ..........................................................................Debit $7811,0491,562431508033 $3,698 Credit2641611033,30513428−$3,698 After closing entries have been posted, the balance in retained earnings will be:
A) $3,256. B) $3,170. C) $3,440. D) $3,354.
Correct Answer:
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