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The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000; Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense, $150,000; Interest Expense, $85,000; and Dividends, $60,000. Record the necessary closing entries.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000; Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense, $150,000; Interest Expense, $85,000; and Dividends, $60,000. Record the necessary closing entries.
A journal entry that is made at the end of theaccountingperiod is a closing entry. It entails transferring information from floating accounts on the income statement tofloatingaccounts on the balance sheet. The retained earnings are $60000 and the dividends are also calculated as $60000.The year-end adjusted entry is provided in the image attached below:Retainedearningsfinally receive all balances from the income statement. The general ledger, the method for keeping track of a company's financial information, uses theclosing entryto reset the temporary account balances to zero.To document accounting activities for a certain time period, temporaryaccountsare employed. Because they are reported in specific time periods and do not carry over to subsequent periods, all income and cost accounts must have a zero balance at theconclusionof the period.Learn more aboutthe year-end closing entryhere:brainly.com/question/30171604#SPJ12...