The adjusted trial balance for Destination Wedding Photo as of December 31, 2020, follows: An analysis of
Question:
The adjusted trial balance for Destination Wedding Photo as of December 31, 2020, follows:
An analysis of other information reveals that Destination Wedding Photo is required to make a $49,000 payment on the long-term notes payable during 2021. Also, David Sale invested $83,000 cash early in the year.
Required
Prepare the closing entries made at the end of the year.
No. Account Debit Credit $ 16,800 101 Cash Current investments. 104 21,800 8,400 126 Supplies. 46,000 66,000 149 Notes receivable, due May 1, 2022. 167 Equipment. $ 22,000 Accumulated depreciation, equipment. 168 168,000 173 Building. Accumulated depreciation, building. 45,000 174 90,000 183 Land. 193 Franchise. 35,000 Accounts payable. 201 17,800 203 Interest Payable. 120 Unearned professional revenue. 233 27,800 Long-term notes payable. David Sale, capital. 251 140,000 301 99,290 302 David Sale, withdrawals. 3,800 401 Photography revenue. 214,000 406 Interest income. 480 605 Depreciation expense, building. 20,800 606 Depreciation expense, equipment. 8,800 34,800 612 Wages expense. Interest expense 690 623 18,800 633 Insurance expense Supplies expense. Telephone expense. 637 13,600 5,200 652 Utilities expense. 8,000 688 Totals. $566,490 $566,490
Step by Step Answer:
2020 Closing entries Dec 31 Photography Revenue 214000 ...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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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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