An Adjusted Trial Balance Is Given Below What Will Be the Final Balance in the Corporation's Retained

question 217

Multiple Choice

An adjusted trial balance is given below. $$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & \text { Credit } \\\hline \text { Cash } & \$ 13,000 & \\\hline \text { Accounts Receivable } & 2,000 & \\\hline \text { Prepaid Rent } & 700 & \\\hline \text { Merchandise Inventory } & 25,000 & \\\hline \text { Accounts Payable } & & \$ 4,100 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Notes Payable } & & 800 \\\hline \text { Common Stock } & & 8,000 \\\hline \text { Retained Earnings } & & 3,800 \\\hline \text { Dividends } &1,000 & \\ \hline \text { Sales Revenue } & &86,900 \\\hline \text { Cost of Goods Sold } & 23,000 & \\\hline \text { Salaries Expense } &18,000 & \\\hline \text { Rent Expense } & 12,000 & \\\hline \text { Selling Expense } & 8,500 & \\\hline \text { Delivery Expense } & 1,800& \\\hline \text { Supplies Expense } & \underline { 600 } \\\hline \text { Total } & \$ 105,600 & \$ 105,600 \\\hline\end{array}$$ What will be the final balance in the corporation's Retained Earnings account after recording the closing
Entries?

• A) $25,800
• B) $26,800
• C) $14,000
• D) $2,800

Learn how to manage and organize paid and unpaid vouchers.

Comprehend the impact of a voucher system on a company’s balance sheet and general ledger.

Grasp the significance of separation of duties in internal control and voucher systems.

Understand how to apply discounts and manage cash payments in the voucher system.

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