Given the following adjusted account balances in random order, prepare the CLOSING entries on December 31, XX. Use the back of the paper if you need more room, or submit your answer on a separate page or document. 

Cash 35,000 Tom Smith, Capital 85,000 Accounts Payable 33,000 Revenue 84,000 Deprec. Expense building 12,000 Salary Expense 29,000 Interest Revenue 24,000 Prepaid Rent 9,000 Supplies Expense 6,000 Note Payable 71,000 Land 65,000 Accounts Receivable 32,000 Accum. Deprec. Building 12,000 Unearned Revenue 3,000 Tom Smith, Withdrawals 20,000 Rent Expense 15,000 Building 95,000 Supplies 4,000 Interest expense 4,000.

Answer rating: 100% (QA)

Date Account Title Explanation Dec31 Service Re... View the full answer