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On December 31, 2018, Baloot Inc. had Retained Earnings of 5267,800 before its closing entries...

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Accounting

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On December 31, 2018, Baloot Inc. had Retained Earnings of 5267,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $168,100 and interest revenue of $81,300. The adjusted deferred revenue account shows a balance of 10,000 . The company used supplies in the amount of $87,900, advertising expenses were $16,400, salaries and wages totalled $18,300, and incorme tax expense was ealeulated as $13,700. During the year, the company declared and paid dividends of $4,000. Required: a) Prepare the closing entries dated December 31,2018. b) Calculate the ending balance of Retained Eamings Account. Bonus (2 points): Allowance for doubtful account is a contra-asset account (true

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