Purrfect Cat Condos provides pet grooming and boarding services for domestic cats. The company has been in existence for 12 years. At December 31, 2019, Purrfect Cat Condos' adjusted trial balance is as follows:
a. Prepare closing entries in journal entry form, using the Income Summary account.
b. After Purrfect Cat Condos' closing entries are posted, what is the balance in the Retained Earnings account?
c. Prepare Purrfect Cat Condos' post-closing trial balance.

Question

Purrfect Cat Condos provides pet grooming and boarding services for domestic cats. The company has been in existence for 12 years. At December 31, 2019, Purrfect Cat Condos' adjusted trial balance is as follows:
  a. Prepare closing entries in journal entry form, using the Income Summary account.
b. After Purrfect Cat Condos' closing entries are posted, what is the balance in the Retained Earnings account?
c. Prepare Purrfect Cat Condos' post-closing trial balance.

Quizplus · Accepted Answer

The Answer of Purrfect Cat Condos provides pet grooming and boarding services for domestic cats. The company has been in existence for 12 years. At December 31, 2019, Purrfect Cat Condos' adjusted trial balance is as follows:
  a. Prepare closing entries in journal entry form, using the Income Summary account.
b. After Purrfect Cat Condos' closing entries are posted, what is the balance in the Retained Earnings account?
c. Prepare Purrfect Cat Condos' post-closing trial balance.

Purrfect Cat Condos Provides Pet Grooming and Boarding Services for Domestic