The adjusted trial balance of Spock Fashion Retailers Inc. appears below.

SPOCK FASHION RETAILERS INC.

Adjusted Trial Balance

December $31,2025$

Debit

Credit

Cash

$$6,500$

Accounts Receivable

$4,800$

Inventory

$78,800$

Prepaid Insurance

$1,400$

Equipment

$106,000$

Accumulated Depreciation$$Equipment

$$14,000$

Notes Payable

$10,500$

Accounts Payable

$8,800$

Salaries and Wages Payable

$4,200$

Property Taxes Payable

$1,100$

Common Stock

$10,000$

Retained Earnings

$74,400$

Dividends

$33,200$

Sales Revenue

$380,700$

COGS

$228,000$

Depreciation Expense

$3,500$

Salaries and Wages Expense $($selling $25,500/$ general $10,400)$

$35,900$

Insurance Expense

$900$

Advertising Expense

$1,200$

Telephone and Internet Expense

$600$

Property Tax Expense

$2,900$

$$503,700$ $$503,700$

Using the information from the adjusted trial balance prepare the closing entries for the year ending December $31$st$,2025.($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Answer rating: 100% (QA)

Closing Entries for Spock Fashion Retailers Inc December 31 2025 Here are th... View the full answer