Formation,Inc.had the following balances as of December 31,2012.Prepare closing entries based on these balances.
$\begin{array}{ll}
\text { Equipment } & \$ 26,00 \
\text { Retained Earnings } & 7,000 \
\text { Accumulated Depreciation } & \$ 4,500 \
\text { Paid-in Capital } & 21,400 \
\text { Cost of Goods Sold } & 59,000 \
\text { Supplies } & 4,300 \
\text { Wages Payable } & 1,200 \
\text { Sales } & 112,00 \
\text { Cash } & 34,000 \
\text { Accounts Payable } & 7,200 \
\text { Wage Expense } & 36,000 \
\text { Rent Expense } & 8,000 \
\text { Merchandise Inventory } & 12,700 \
\text { Dividends (Amount Declared) } & 3,000
\end{array}$

Question

Formation,Inc.had the following balances as of December 31,2012.Prepare closing entries based on these balances.
 $\begin{array}{ll}
\text { Equipment } & \$ 26,00 \
\text { Retained Earnings } & 7,000 \
\text { Accumulated Depreciation } & \$ 4,500 \
\text { Paid-in Capital } & 21,400 \
\text { Cost of Goods Sold } & 59,000 \
\text { Supplies } & 4,300 \
\text { Wages Payable } & 1,200 \
\text { Sales } & 112,00 \
\text { Cash } & 34,000 \
\text { Accounts Payable } & 7,200 \
\text { Wage Expense } & 36,000 \
\text { Rent Expense } & 8,000 \
\text { Merchandise Inventory } & 12,700 \
\text { Dividends (Amount Declared) } & 3,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Formation,Inc.had the following balances as of December 31,2012.Prepare closing entries based on these balances.
 $\begin{array}{ll}
\text { Equipment } & \$ 26,00 \
\text { Retained Earnings } & 7,000 \
\text { Accumulated Depreciation } & \$ 4,500 \
\text { Paid-in Capital } & 21,400 \
\text { Cost of Goods Sold } & 59,000 \
\text { Supplies } & 4,300 \
\text { Wages Payable } & 1,200 \
\text { Sales } & 112,00 \
\text { Cash } & 34,000 \
\text { Accounts Payable } & 7,200 \
\text { Wage Expense } & 36,000 \
\text { Rent Expense } & 8,000 \
\text { Merchandise Inventory } & 12,700 \
\text { Dividends (Amount Declared) } & 3,000
\end{array}$