on december 31, the adjusted trial balance of cisneros employment

Project Description:

on december 31, the adjusted trial balance of cisneros employment agency shows the following selected data.accounts receivable …………………. $24,500interest expense ……………………… 8,300service revenue ……………………… $92,500interest payable ………………………. 2,000analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $2,000 interest expense.instructions(a) prepare the closing entries for the temporary accounts shown above at december 31.(b) prepare the reversing entries on january 1.(c) post the entries in (a) and (b), excluding the income summary account. underline and balance the accounts. (use t-accounts.)(d) prepare the entries to record (1) the collection of the accrued revenue on january 10 and (2) the payment of all interest due ($3,000) on january 15.(e) post the entries in (d) to the temporary accounts.
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Price Type: Negotiable

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