Formation,Inc

question 23

Essay

Formation,Inc.had the following balances as of December 31,2012.Prepare closing entries based on these balances.
$\begin{array}{ll}\text { Equipment } & \$ 26,00 \\\text { Retained Earnings } & 7,000 \\\text { Accumulated Depreciation } & \$ 4,500 \\\text { Paid-in Capital } & 21,400 \\\text { Cost of Goods Sold } & 59,000 \\\text { Supplies } & 4,300 \\\text { Wages Payable } & 1,200 \\\text { Sales } & 112,00 \\\text { Cash } & 34,000 \\\text { Accounts Payable } & 7,200 \\\text { Wage Expense } & 36,000 \\\text { Rent Expense } & 8,000 \\\text { Merchandise Inventory } & 12,700 \\\text { Dividends (Amount Declared) } & 3,000\end{array}$

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Definitions:

Coordinates

Numerical values that determine the position of a point or object within a space, often used in geographical, software, and mathematical contexts.

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The physical components that make up a mobile device, such as the screen, battery, processor, and cameras.

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Various services available over the Internet, including web browsing, email, online gaming, and social networking services, among others.

VoIP

Voice over Internet Protocol, a technology that allows voice calls to be made using a broadband Internet connection instead of a regular phone line.