4. On December 31, the adjusted trial balance of XYZ Company shows the following selected data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 7,700 Interest Payable 2,200 Analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $2,200 interest expense. Required: Prepare the closing entries for the temporary accounts shown above at December 31.
4. On December 31, the adjusted trial balance of XYZ Company shows the following selected data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 7,700 Interest Payable 2,200 Analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $2,200 interest expense. Required: Prepare the closing entries for the temporary accounts shown above at December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:4. On December 31, the adjusted trial balance of XYZ Company shows the following selected
data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 7,700
Interest Payable 2,200 Analysis shows that adjusting entries were made to (1) accrue
$5,000 of service revenue and (2) accrue $2,200 interest expense.
Required: Prepare the closing entries for the temporary accounts shown above at
December 31.
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