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Post-closing trial balance
Unadjusted trial balance
General ledger
Question 3. Question :
The Retained Earnings account
has a credit balance of $17,000 before closing entries are made.
If total revenues for the period are $55,200, total expenses are
$39,800 and dividends are $9,000, what is the ending balance in
the Retained Earnings account after all closing entries are made?
Question 4. Question :
A company earned $2,000 in net
income for October. Its net sales for October were $10,000. Its
profit margin is:
Question 5. Question :
A company pays each of its two
office employees each Friday at the rate of $100 per day each
for a five-day week that begins on Monday. If the monthly
accounting period ends on Tuesday and the employees worked
on both Monday and Tuesday, the month-end adjusting entry to
record the salaries earned but unpaid is:
Debit Unpaid Salaries $600 and credit
Salaries Payable $600