The following information was taken from the books of Vulcan Corporation. A partial list of accounts and balances as of December 31, 2013: Required:
a) Prepare the necessary closing entries in general journal form. b) Assuming the balance of Retained Earnings prior to closing was $3,400, what is its balance immediately after closing?

Question

The following information was taken from the books of Vulcan Corporation. A partial list of accounts and balances as of December 31, 2013:  Required:
a) Prepare the necessary closing entries in general journal form.  b) Assuming the balance of Retained Earnings prior to closing was $3,400, what is its balance immediately after closing?

Quizplus · Accepted Answer

The Answer of The following information was taken from the books of Vulcan Corporation. A partial list of accounts and balances as of December 31, 2013:  Required:
a) Prepare the necessary closing entries in general journal form.  b) Assuming the balance of Retained Earnings prior to closing was $3,400, what is its balance immediately after closing?

The Following Information Was Taken from the Books of Vulcan