The following selected transactions took place during the current year for a company:
(a)Prepare the journal entries for these transactions.
(b)If Retained Earnings had a $155,000 credit balance on January 1,calculate its year-end balance as of December 31.
Definitions:
Assets
Economic resources owned or controlled by a business or an individual that are expected to bring future benefits.
Financial Statements
Official documentation of a business, individual, or entity's financial condition and operations, normally comprising the income statement, balance sheet, and statement of cash flows.
Statement of Cash Flows
A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, dividing activities into operating, investing, and financing.
Statement of Stockholders' Equity
A financial statement that shows changes in the value of a company’s equity over a specified period.
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