The following is an adjusted trial balance at December $31.$

Account Title Debit Credit

Cash $ $8,700$

Accounts receivable $18,200$

Supplies $3,700$

Building $179,000$

Accumulated depreciation$$Building $ $36,700$

Land $92,000$

Accounts payable $14,100$

Interest payable $4,700$

Long$-$term notes payable $61,500$

Common stock $33,500$

Retained earnings $143,500$

Dividends $20,700$

Services revenue $113,500$

Rental revenue $23,500$

Depreciation expense$$Building $24,200$

Wages expense $63,100$

Supplies expense $8,700$

Interest expense $12,700$

Totals $ $431,000$ $ $431,000$

Prepare the closing entries for the year ended December $31.$

Answer rating: 100% (QA)

To prepare the closing entries for the year ended December 31 you need to transfer the balanc... View the full answer