Journal Entry Worksheet Assignment | Top Universities

Hoi x e Follett * Module 3 Homework Assignment X G journal entry s://newconnect.mheducation.com/flow/connect.html Homework Assignment i Gerdes Psychological Services, Inc., closes its temporary accounts once each year on Dece following income statement as part of its annual report. $ 270,eee GERDES PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31, current year Revenue: Counseling revenue Expenses:

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Advertising expense $ 2,100 Salaries expense 93,000 Office supplies expense 2,200 Utilities expense 95e Malpractice insurance expense 8,000 Office rent expense 24,000 Continuing education expense 2,850 Depreciation expense: fixtures 3,500 Miscellaneous expense 7.000 Income taxes expense 30,000 Net income erences 173,600 96,400 $ The firm's statement of retained earnings indicates that a $5,000 cash dividend was declared a a. Prepare the necessary closing entries on December 31, the current year. b. If the firm's Retained earnings account had a $91.000 balance on January 1. current year, at w. be reported in the firm's balance sheet dated December 31, current year? Complete this question by entering your answers in the tabs below. Required A Required B Prepare the necessary closing entries on December 31, the current year. (If no entry is required for a trar entry required in the first account field) Journal entry worksheet. Get Accounting homework help today

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