The Adjusted Trial Balance of Ward Company at the End

Essay

The adjusted trial balance of Ward Company at the end of the accounting year, December 31, 20X2, showed the following: $\begin{array}{|c|c|c|}\hline&&\text { Adjusted Trial Balance }\\ \hline \text { Account Titles } & \text { Debits } & \text { Credits } \\\hline \text { Cash } & \$ 20,000 & \\\hline \text { Machinery } & 90,000 & \\\hline \text { Accumulated Depreciation } & & 16,000 \\\hline \text { Trade Payables } & & 7,000 \\\hline \text { Share Capital } & & 20,000 \\\hline \text { Retained Earnings } & & 59,000 \\\hline \text { Service Revenue } & & 40,000 \\\hline \text { Interest Expense } & 4,000 & \\\hline \text { Operating Expenses } & 17,000 & \\\hline \text { Depreciation Expense } & 8,000 & \\\hline \text { Dividends declared and paid } & 3,000 & \\\hline \text { als } & \$ 142,000 & \$ 142,000 \\\hline\end{array}$

1) Give all the required closing entries for Ward Company at December 31, 20X2. (You need not use the Income Summary account).
2) The 20X2 ending balance in retained earnings was $ ________