The Balances for the Accounts of Lance's Consulting Firm, Inc

question 17

Short Answer

The balances for the accounts of Lance's Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained Earnings } & 68,700 \\\text { Office Supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned Revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting Revenue } & 150,000 & \text { Common Stock } & 12,900\end{array}$$
Calculate Ending Retained Earnings.

---

Definitions:

Cognitive Dissonance

The mental discomfort experienced by a person who simultaneously holds two or more contradictory beliefs, ideas, or values.

Social Conformity

The act of adjusting one's behaviors or beliefs to align with the norms or standards of a group.

Line Judgments

The activity of assessing or making decisions about the length, width, or appearance of different lines, often used in psychological research to understand perception and conformity.

Persuasive Communication

The process aimed at changing a person's or group's attitude or behavior toward some event, idea, object, or other person(s), using written, spoken words or visual tools.