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Journalize the entries required to close the accounts

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Journalize the entries required to close the accounts Vanguard Company had the following adjusted trial balance at December 31, 2011. VANGUARD COMPANY Adjusted Trial Balance For the year ended December 31, 2011 Account titles Debits Credits Cash ₤ 14,800 Accounts Receivable 8,800 Equipment 15,900 Accounts Payable ₤ 4,400 Accumulated Depreciation 7,400 Share Capital – Ordinary 20,000 Retained Earnings 25,200 Dividends 16,000 Service Revenue 65,000 Unearned Rent Revenue 1,800 Rent Revenue 6,500 Salaries Expense 55,700 Depreciation Expense 4,000 Supplies Expense 200 Utilities Expense 14,900 ₤130,300 ₤130,300   Instructions (a) Journalize the entries required to close the accounts. (b) Prepare a retained earnings statement for the year ended December 31, 2011. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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