The following information was summarized from the adjusted trial balance of Reliance Yacht Repair,Inc.as of September 30,2015,the end of the company's fiscal year.

Required:
Part a.Prepare the closing entry for the company for the year ended September 30,2015.
Part b.Draw a T-account for the Retained Earnings account.Enter the beginning balance into the T-account,post the closing entry,and then determine the ending balance.
Part c.Prepare a post-closing trial balance at September 30,2015.

Question

The following information was summarized from the adjusted trial balance of Reliance Yacht Repair,Inc.as of September 30,2015,the end of the company's fiscal year.
  
Required:
Part a.Prepare the closing entry for the company for the year ended September 30,2015.
Part b.Draw a T-account for the Retained Earnings account.Enter the beginning balance into the T-account,post the closing entry,and then determine the ending balance.
Part c.Prepare a post-closing trial balance at September 30,2015.

Quizplus · Accepted Answer

The Answer of The following information was summarized from the adjusted trial balance of Reliance Yacht Repair,Inc.as of September 30,2015,the end of the company's fiscal year.
  
Required:
Part a.Prepare the closing entry for the company for the year ended September 30,2015.
Part b.Draw a T-account for the Retained Earnings account.Enter the beginning balance into the T-account,post the closing entry,and then determine the ending balance.
Part c.Prepare a post-closing trial balance at September 30,2015.

The Following Information Was Summarized from the Adjusted Trial Balance