GB 518 RANK Motivated Minds/gb518rank.com GB 518 RANK Motivated Minds/gb518rank.com | Page 24

Debit Unpaid Salaries $600 and credit
Salaries Payable $600
Debit Salaries Expense $400 and credit
Salaries Payable $400
Debit Salaries Expense $600 and credit
Salaries Payable $600
Debit Salaries Payable $400 and credit
Salaries Expense $400
Question 20. Question :
Based on the following
information, what would be the beginning balance in the
Retained Earnings Account, assuming all accounts have a
normal balance?
Cash $ 6,754
Dividends
$ 2,000
Accounts receivable $ 13,733
Consulting fees earned
$ 13,718
Office supplies
$ 2,625
Rent expense $ 3,673
Land $ 37,153
Salaries expense
$ 6,642
Office equipment
$ 14,535
Telephone expense
$
560
Accounts payable
$ 6,463
Miscellaneous expense
$ 280
Common stock
$ 54,490
Retained Earnings
?
$0