Explain the closing entry process and prepare the closing entries in journal form based on the information
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Question:
Explain the closing entry process and prepare the closing entries in journal form based on the information below:
POST COMPANY | ||
ADJUSTED TRIAL BALANCE | ||
Debit | Credit | |
Cash | 80,000 | |
Accounts Receivable | 11,100 | |
Prepaid Insurance | 1,500 | |
Equipment | 4,000 | |
Accumulated Depreciation | 200 | |
Supplies | 500 | |
Accounts Payable | 700 | |
Wages Payable | 300 | |
Unearned Revenue | 1,500 | |
Contributed Capital | 80,000 | |
Retained Earnings | 0 | |
Sales | 17,000 | |
Gas Expense | 400 | |
Supply Expense | 300 | |
Insurance Expense | 200 | |
Depreciation Expense | 200 | |
Wage Expense | 500 | |
Dividends | 1,000 | |
99,700 | 99,700 |
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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