The adjusted trial balance for Mendoza Company on December 31, 2011, contains the following accounts and balances:
Question:
The adjusted trial balance for Mendoza Company on December 31, 2011, contains the following accounts and balances: C. Mendoza, Capital, $4,300; C. Mendoza, Withdrawals, $175; Service Revenue, $1,300; Rent Expense, $200; Wages Expense, $450; Utilities Expense, $100; and Telephone Expense, $25. Prepare the closing entries.
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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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