American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...
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American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Sales revenue Interest revenue 'Cost of goods sold. salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits View transaction list $ 455,000 170,000 22,000 37,000 5,700 6,700 Credits $ 87,000 820,000 6,500 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ts eBook Hint Ask Print ferences Journal entry worksheet 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry Debit Credit View general journal bok at ces Journal entry worksheet < 1 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Prey. Credit 1 of 1 www www Next American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Sales revenue Interest revenue 'Cost of goods sold. salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits View transaction list $ 455,000 170,000 22,000 37,000 5,700 6,700 Credits $ 87,000 820,000 6,500 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ts eBook Hint Ask Print ferences Journal entry worksheet 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry Debit Credit View general journal bok at ces Journal entry worksheet < 1 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Prey. Credit 1 of 1 www www Next
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Journal accounts for revenue accounts are as follows Date Particulars Debit Credi... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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