The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Debit 10,800 153,000 5,300 28,000 330,000 9,500 195,000 123,000 18,000 33,000 2,300 2,800 910,700 Credit 128,000 33,000 33,000 4,300 10,800 215,000 56,600 430,000 910,700 Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Debit 10,800 153,000 5,300 28,000 330,000 9,500 195,000 123,000 18,000 33,000 2,300 2,800 910,700 Credit 128,000 33,000 33,000 4,300 10,800 215,000 56,600 430,000 910,700 Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Expert Answer:
Answer rating: 100% (QA)
Closing entries for China Tea Company for the year ended December 31 2021 Close Sales Revenue Debit ... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these accounting questions
-
The tect geodes secmal examples of successful mulging These include couraging people to make cheien all of the following are EXCEPT Birth control reducing alcobol cansumption Retirement savings...
-
14. What is the interest rate of a 4-year, annual $1,000 annuity with present value of $3.500? A. 3.85 percent B. 5.56 percent C. 8.84 percent D. 9.70 percent 15. You wish to buy a $15,000 car. The...
-
The adjusted trial balance for China Tea Company at December 31, 2012, is presented below: Prepare an income statement for China Tea Company for the year ended December 31, 2012 Accounts Debit 11,000...
-
Define variable. Also discuss variable initialization.
-
A transverse wave on a string bas amplitude 0.300 cm, wave length 12.0 cm, and speed 6.00 cm/s it is represented by y (x, t) as given in Exercise I5.12. (a) At time, t = 0, compute y at1.5-
-
A spaceship travels at speed v (v < < c) to a distant star. Upon reaching the star, it decelerates and then accelerates back up to speed v in the opposite direction (uniformly, and in a short time...
-
What is an affirmative defense? Why is it important for the defendant to include affirmative defenses in the answer?
-
Lucia, a single taxpayer, operates a florist business. She is considering either continuing the business as a sole proprietorship or reorganizing it as either a C corporation or an S corporation. Her...
-
1 3 months ago you purchased 3 0 0 shares of a stock for $ 3 0 per share the stock paid you . 7 7 per share in dividends each quarter Today you sell your shares for $ 3 6 per share if you are in the...
-
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value . The company's discount rate is 14%....
-
Precise definition of efficiency and productivity. Can someone be efficient and not productive, and vice versa? Provide an example of being efficient and not productive or productive and not...
-
Use supply and demand analysis to show and describe the dramatic increase in men who coach womens basketball teams.
-
The defendant and her husband have two sons, ages five and three. Without notifying her husband, she left the family home with both children while no court proceedings were pending concerning either...
-
Practically speaking, what is the difference between probable cause and reasonable suspicion? How long can police detain a suspect based on reasonable suspicion?
-
Use the model of efficient cartel operation to explain why the University of Wisconsin receives a greater portion of bowl revenue than Utah State University.
-
What offense would a person who destroyed or damaged data in someones computer have committed? If a person electronically accessed anothers computer without permission, would this constitute a...
-
You are planning for retirement and have decided to contribute $2,000 every six months towards your retirement. You will retire in 25 years, and you will earn 8% interest compounded semi-annually....
-
Write a program that initializes an array. It inputs a value from the user and searches the number in the array.
-
Q1. Identify the accounting equation amounts for Pepsi Co Corporation using the information above. Q2. Assets can either be financed with _______________ or _______________. Q3. Will the accounting...
-
Q1. Bond Prices For example, if a $100,000 bond is issued at 102 the bond will sell for 102% of the face value or for $102,000. a. A $100,000 bond issued @ 99 will sell for ___________ of the face...
-
Which financial statement reports: a. Whether assets are primarily financed with debt or equity? (BS / IS / SE / CF) b. Whether the company was profitable or not? (BS / IS / SE / CF) c. Cash received...
-
Consider the following statements: Radius of friction circle for a journal bearing depends upon 1). coefficient of friction 2). radius of the journal 3). angular speed of rotation of the shaft Which...
-
Consider the following statements: 1). A stub tooth has a working depth larger than that of a full-depth tooth. 2). The path of contact for involute gears in an arc of a circle. Which of the...
-
Consider the following statements: Cam followers are generally classified according to 1). the nature of its motion 2). the nature of its surface in contact with the cam 3). the speed of the cam...
Study smarter with the SolutionInn App