Preparation of a Statement of Retained Earnings from Closing Entries
Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2014. Fisher Corporation made the following three closing entries on December 31, 2014. (The entry to transfer net income to Retained Earnings was intentionally omitted.) Prepare a statement of retained earnings for Fisher for the year.
|
Dec. 31
|
Service Revenue
|
65,400
|
|
|
|
Interest Revenue
|
20,270
|
|
|
Income Summary
|
|
85,670
|
|
31
|
Income Summary
|
62,345
|
|
|
|
Salary and Wage Expense
|
|
23,450
|
|
|
Rent Expense
|
|
20,120
|
|
|
Interest Expense
|
|
4,500
|
|
|
Utilities Expense
|
|
10,900
|
|
|
Insurance Expense
|
|
3,375
|
|
31
|
Retained Earnings
|
6,400
|
|
|
|
Dividends
|
|
6,400
|