The Adjusted Trial Balance of Ward Company at the End

question 147

Essay

The adjusted trial balance of Ward Company at the end of the accounting year, December 31, 20X2, showed the following: $\begin{array}{|c|c|c|}\hline&&\text { Adjusted Trial Balance }\\ \hline \text { Account Titles } & \text { Debits } & \text { Credits } \\\hline \text { Cash } & \$ 20,000 & \\\hline \text { Machinery } & 90,000 & \\\hline \text { Accumulated Depreciation } & & 16,000 \\\hline \text { Trade Payables } & & 7,000 \\\hline \text { Share Capital } & & 20,000 \\\hline \text { Retained Earnings } & & 59,000 \\\hline \text { Service Revenue } & & 40,000 \\\hline \text { Interest Expense } & 4,000 & \\\hline \text { Operating Expenses } & 17,000 & \\\hline \text { Depreciation Expense } & 8,000 & \\\hline \text { Dividends declared and paid } & 3,000 & \\\hline \text { als } & \$ 142,000 & \$ 142,000 \\\hline\end{array}$

1) Give all the required closing entries for Ward Company at December 31, 20X2. (You need not use the Income Summary account).
2) The 20X2 ending balance in retained earnings was $ ________

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Definitions:

Initiated

Refers to the beginning or activation of a process, such as the start of a chemical reaction or the initiation of protein synthesis.

Aminoacyl-tRNA

A complex of transfer RNA (tRNA) and an amino acid, essential for the translation phase of protein synthesis in cells.

GTP

Guanosine triphosphate, a nucleotide used by cells as a source of energy and as a substrate in protein synthesis processes.

A Site

The location on the ribosome where an aminoacyl-tRNA binds during protein synthesis.