Refer to the adjusted trial balance in M4-9. Prepare closing journal entries on December 31, 2014. Data
Question:
2014.
Data from M4-9,
Prepare closing journal entries on December 31, 2014.
Transcribed Image Text:
Debit Credit $ 1,230 Cash Accounts Receivable 2,000 Prepaid Insurance Notes Receivable 2,300 3,000 Equipment 12,000 $ 2,600 Accumulated Depreciation Accounts Payable Accrued Liabilities Payable Wages Payable Income Taxes Payable 1,600 3,820 1,000 2,900 600 Unearned Rent Revenue Contributed Capital 2,400 Retained Earnings 1,000 Dividends Declared 300 Sales Revenue 42,030 Rent Revenue 300 Wages Expense 21,600 Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 1,300 1,220 1,400 9,000 2,900 $58,250 Total $58,250
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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