Given the following adjusted trial balance Account name Cash Accounts receivable Advertising supplies (inventory) Prepaid insurance...
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Given the following adjusted trial balance Account name Cash Accounts receivable Advertising supplies (inventory) Prepaid insurance Office equipment Accumulated depreciation Notes payable Accounts payable Interest payable Unearned service revenue Salaries payable Common stock Retained earnings Dividends MACK, INC. Adjusted Trial Balance December 31, 2022 Debit Service revenue Salaries expenses Advertising supplies expense Rent expense Insurance expense Interest expense Depreciation expense $15,200 200 1,000 550 5,000 500 5,200 1,500 900 50 50 40 $30.190 Credit $40 5,000 2,500 50 800 1,200 10,000 0 10,600 $30,190 • In the space provided on the following page, prepare the closing entries. Hint Three of the entries will use the account Income Summary. • Post your entries to the general ledger T accounts. Where T accounts do not exist, construct them. 3 Given the following adjusted trial balance Account name Cash Accounts receivable Advertising supplies (inventory) Prepaid insurance Office equipment Accumulated depreciation Notes payable Accounts payable Interest payable Unearned service revenue Salaries payable Common stock Retained earnings Dividends MACK, INC. Adjusted Trial Balance December 31, 2022 Debit Service revenue Salaries expenses Advertising supplies expense Rent expense Insurance expense Interest expense Depreciation expense $15,200 200 1,000 550 5,000 500 5,200 1,500 900 50 50 40 $30.190 Credit $40 5,000 2,500 50 800 1,200 10,000 0 10,600 $30,190 • In the space provided on the following page, prepare the closing entries. Hint Three of the entries will use the account Income Summary. • Post your entries to the general ledger T accounts. Where T accounts do not exist, construct them. 3
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General Ledger T Accounts Closing Revenue Accounts We close the Service Revenue account by transferring its balance to the Income Summary account This ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Posted Date:
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