The accountant for Pinnacle Consulting prepared the following “Adjusted” Trial Balance at December 31, 2009, after one year of operations
Cash .............................................. Accounts Receivable ..................... Unexpired Insurance ..................... Office Equipment ........................... Accumulated Depreciation: Office Equipment ..................................... Unearned Consulting Fees ........... Capital Stock ................................. Retained Earnings, January 1, 2005 .............................................. Dividends ...................................... Consulting Fees Earned ................
Debit $ 7,
560
5,880 2,520 25,20
0
1,120 Credi
t
$ 420 4,200 21,00
0
3,360
28,00
1
0
Salaries Expense .......................... 8,820 Utilities Expense ............................ 2,100 Rent Expense ................................ 3,360
Depreciation Expense ...................
_____ 420
_
$56,9$56,980 80
Prepare closing entries for Pinnacle Consulting.
DR CR Consulting Fees Earned .......................................... 28,000
Income Summary 28,000
Income Summary 14,700
Salaries Expense ..................................... 8,820 Utilities Expense ..................................... 2,100 Rent Expense .......................................... 3,360 Depreciation Expense ............................. 420
Income Summary .................................................... 13,300
Retained Earnings ................................... 13,300
Retained Earnings ................................................... 1,120
Dividends ................................................ 1,120
2
3
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