The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Cash...
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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 en 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 en transaction/event, select "No journal entry required" in the first account field.)
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Account Titles Debit Credit Sales Revenue 910700 Income Summary 910700 Costs of Goods ... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
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