Required information
Exercise 3-19A Record closing entries and prepare a post-closing tr...
Business, 11.02.2020 18:24 BackUpAccount
Required information
Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)
[The following information applies to the questions displayed below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
Accounts Debit Credit
Cash $ 10,400
Accounts Receivable 134,000
Prepaid Rent 4,400
Supplies 22,000
Equipment 240,000
Accumulated Depreciation $ 119,000
Accounts Payable 10,400
Salaries Payable 9,400
Interest Payable 3,400
Notes Payable (due in two years) 24,000
Common Stock 140,000
Retained Earnings 44,000
Service Revenue 340,000
Salaries Expense 240,000
Rent Expense 12,000
Depreciation Expense 24,000
Interest Expense 3,400
Totals $ 690,200 $ 690,200
Exercise 3-19A Part 1
Required:
1. Record the necessary closing entries at December 31, 2021.
A) record the entry to close revenue accounts
B) record the entry to close the expense accounts
(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Note, the journal account entries are as follows:
no journal entry required
accounts payable
accounts receivable
accumulated depreciation
cash
common stock
depreciation expense
equipment
interest expense
interest payable
notes payable
prepaid rent
rent expense
retained earnings
salaries expense
salaries payable
service revenue
supplies
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